The number of quarterly regional foreclosures is down to an eight-year low, but foreclosed homes still make up a greater percentage of the market than in 2003.
RealSTATs Vice President Dan Murrer says Butler and Westmoreland Counties have the lowest foreclosure rates in Southwestern Pennsylvania, while Beaver and Washington Counties have the highest rates.
Of all five counties in the region, Allegheny County had the median foreclosure rate, at 1 home foreclosed per every 6.6 homes sold. One home is foreclosed per every 9 sold in Butler County, while Beaver County has 1 foreclosure per 2.5 sales.
Murrer says median home prices are likely to hold steady or decrease as a result of the high foreclosure ratio.
“Eight years ago, each year, median price was going up 4%. That slowed down to 3, to 2, then last year it rose 1%. So the increase in foreclosures as a percentage of the market is having a depressionary effect on price,” says Murrer.
The RealSTATs V.P. says in terms of neighborhoods, Penn Hills had the highest amount of quarterly foreclosures with 36, followed by Beaver Falls (20) and the City of Washington (18).
Wilkinsburg dropped in the foreclosure rankings from 1st in 2003 (with 35 foreclosures) to 19th in 2011 (with 7 foreclosures).