Changes to shorten the foreclosure process for vacant and abandoned property were recently signed into law by Governor Tom Wolf. House Bill 653 provides for an accelerated foreclosure process for vacant and abandoned property, while maintaining appropriate protections for property owners. Local officials say that many properties in foreclosure are abandoned. These properties often become dangerous eyesores that reduce the property values of taxpaying homeowners in the neighborhood.

Studies show that these properties also become prime locations for increased criminal activity, thereby reducing public safety. The foreclosure process in Pennsylvania currently can last from 300 to 540 days. This bill is expected to reduce the time frame for foreclosure on abandoned and vacant property by 240 days. This bill is the culmination of four years of work by the bicameral, bipartisan Blight Task Force.

Since 2009, eight states have enacted expedited foreclosure laws as a way to help local governments and responsible taxpayers maintain and rebuild their communities. In addition, Wolf signed Senate Bill 667, which will grant redevelopment authorities the same powers currently allotted to land banks to increase opportunities to combat neighborhood blight. The legislation will allow established redevelopment authorities to fight against blight, saving time and money.

Wallingford PA Real Estate – Wallingford, PA

According to a survey of REALTORS® who responded to the  January 2018 REALTORS® Confidence Index Survey, 34% of properties that closed in January 2018 sold at or above the list price. One year ago, 31% sold at or above the list price, and during the months of January in 2012 through 2015, about one in four sold at or above the list price. Buyer demand continues to outpace supply of homes being listed for sale in the market, sustaining the upward pressure on home prices.

In Wallingford during the month of January 2018 32% of homes sold at the original list price or above and averaged 10 Days on Market.

Wallingford PA Real Estate – Wallingford, PA 19086

Owners of starter homes across the country are gaining equity faster than other homeowners because demand for entry level homes continues to grow faster than supply.

For this analysis, Zillow® divided the U.S. housing stock into equal thirds based on value and determined the median value of the most and least valuable homes. Over the past year, homes in the most affordable segment of the market, which are often sought after by first-time buyers, gained 8.5% in value, compared to a 3.6% gain for the most expensive homes. Over the past five years, the difference is even more noticeable -owners of starterr homes have seen their equity grow by 44.4%, while owners of top-tier homes have gained 26.6%.

A home is the biggest financial asset and a significant share of net worth for many homeowners. Less affluent homeowners typically have more of their wealth in their homes than homeowners with a higher net worth. Owners of more affordable homes are seeing their homes’ value, and therefore their overall wealth, grow rapidly.

“When the housing market crashed, owners of the least valuable homes were especially hard hit, and lost more home value than homeowners at the upper end of the market,” said Zillow senior economist Aaron Terrazas. “Since then, though, demand for less expensive, entry-level homes has built steadily, causing prices to grow rapidly. As a result, these homeowners have been able to build wealth at a faster pace than owners of more expensive homes.”

Strong home value appreciation among more affordable homes is beneficial for people who own those homes, but also makes it difficult for buyers trying to enter the market. Inventory among the most affordable homes is extremely limited, making for a highly competitive market going into home shopping season — there are nearly 18 percent fewer entry-level homes available now than a year ago.

Wallingford PA Real Estate – Wallingford, PA 19086