2024 Foreclosure Challenges: Philadelphia Leads as Pennsylvania Struggles

First quarter of the year 2024 and foreclosures in Pennsylvania continue to present an increasing scenario, affecting both high-cost and low-cost properties, that is, foreclosure processes are observed in all strata and it is noted that the phenomenon affects not only large cities but also rural populations.

The majority of foreclosures in Pennsylvania are being carried out in the city of Philadelphia, noting that it is impacting different sectors of society as the inventory shows large and luxurious houses to simpler and smaller homes.
For homeowners, it constitutes a continuous struggle to try to save their assets considering that the foreclosure process can last between 12-18 months, however at the investor level the situation is not very clear on the horizon because they face high interest rates, loss of purchasing power, and an unstable economy.

The current situation is very complex for both homeowners and investors, and they face a market full of challenges and uncertainties in the face of the national situation; however, the local government has taken some measures that can mainly help homeowners, an example of this is the foreclosure prevention program that offers housing advice and legal assistance and also have a subsidy program for foreclosure prevention, this program can help them with up to $3000  to help those homeowners with debt to catch up.

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