News outlets are reporting that the Philadelphia City Council passed a measure (non-binding) calling for a moratorium on mortgage foreclosures. In response, the Sheriff has cancelled the April Sheriff’s Sale. At least a temporary reprieve.
ACORN estimates approximately 3,200 loans made in Philadelphia during 2006 are likely head down the path to foreclosure.
I’ll post more as it comes available.
5 responses so far ↓
Greg Knowles // March 27, 2008 at 7:15 pm |
That is amazing that they can do that and not get sued by the lenders involved, or will they?
Dave Wirsching // March 27, 2008 at 8:03 pm |
In PA the Commonwealth believes it has the final say in all banking matters (historically they have).
I would expect them to become involved. Hard to say how it will resolve.
Shane Kane - TitleSuccess.com // March 29, 2008 at 11:38 am |
Philadelphia like many other cities across American have seen enough. The actions taken thus far by regulators have fallen short. Many cities and towns will begin to take matters into their own hands.
Dave Wirsching // March 29, 2008 at 12:30 pm |
These cities are getting hit with the proverbial double whammy – increased costs to deal with the foreclosures like vacant properties AND reduced Real Estate Tax Revenue.
The real estate slowdown will really hit a city Philadelphia, which has a significant Real Estate Transfer tax. No sales, no tax.
Long term, the decrease in property values will result in stagnant or declining assessed values – further eroding the tax base.
More on Philadelphia Foreclosures « Clearing Title // April 9, 2008 at 2:48 pm |
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