Monday, January 25, 2010

Foreclosure Market Trends

UsForeclosure Market Trends Foreclosure Market Trends

Monday, January 25, 2010by The Pilgrim Team

Phone: 717-757-5955x101
Jerry Pilgrim

Professional Realty Associates
3921 E Market St
TYork, PA 17402

I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.

January 2010

Vol. 4, Issue 3
6 month National Foreclosure Trends




A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.

The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.

Will Principal Cuts Reduce Foreclosures?

Here are some of the most recent Investment opportunities in the area.

Property Type Address Market Value Default Sq. Ft.


Airville, PA 17302

Delta Rd,$15,000 N/A 1,381

Auction Date: 2/8/10

Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1

Default Amount $N/A

Sq. FT 1,632




NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112

Faster Sales Coming For Foreclosure Buyers

Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.

For More information on available foreclosures or short sales go to:

Saturday, January 23, 2010

The Closing Process fr a Real Estate Transaction

Once the buyer and seller have agreed on price and terms for the sale of a piece of real estate, the escrow process begins. This can be a confusing process, especially for first time homebuyers. Below are some key points that can help answer some questions about the escrow process.

What exactly is an escrow ?

An escrow is an arrangement in which a disinterested third party, called a escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions. In York PA the Listing Broker typically is the holder of the escrow funds that will be distributed at settlement.

How does the escrow (Title) process work?

The escrow is a depository for all monies, instructions and documents necessary for the purchase of the home, including funds for the down payment, lender’s funds and documents for the new loan. The duties of an Title Company include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with instructions; paying all bills as authorized; closing the escrow only when all terms and conditions have been met; and, distributing the funds in accordance with instructions.

What documentation is required?

Receipt of your deposit is generally included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.

What information will I have to provide?

Typically you will be asked to complete a statement of identity as part of the necessary paperwork. Because many people have the same name, the statement of identity is to identify the specific person in the transaction through such information as date of birth, social security number, etc.

How long is the escrow (closing) process?

The entire escrow process can vary and is typically determined by the terms of the purchase agreement. It can range from a few days to several months. Typically an escrow often takes an average time of 30 to 45 days. The escrow process ends when you actually close on the home, during the closing procedure. This is when all funds are transferred accordingly, when all documents are signed, and when you get the keys to your new home.

For more information contact the Pilgrim Team at Professional Realty Associates or go to

Monday, January 18, 2010

New Community Coming Spring 2010

New Community Coming Spring 2010
Monday, January 18, 2010by The Pilgrim Team
Pilgrim Team at Professional Realty Associates would like to announce a new community located in Dover, PA. Ashcombe Farms South is the newest community now being offered by Lancaster Home Builders. This community will be the final and maybe considered the best of all the Homes for sale in york pa built and marketed by Jerry Pilgrim and his team of his professionals in the Dover area over the last 12 years.

Situated next to Ashcombe Farms West the lots will average .50 acre and offer an idyllic setting near shopping, schools, parks and health care services of Wellspan. Floor Plans offerd will include ranchers, two story colonials and cape cod styles. Some Homes for sale in york pa will also include first floor master bedrooms and laundry area's, even the two stories. Fifteen different plans are available and each can be semi-customized to accommodate your own needs. Prices will begin in the upper 100's.

Contact us at your convenience

Monday, January 11, 2010

Stone Mill Estates Manheim Twp

Come visit Stone Mill Estates in Manheim Twp Lancaster County PA. Located in a very desirable location in Manheim Twp School District with new home prices starting at $249,900! 15 different floor plans to choose from and some customizing is available upon request.

The new Manheim Twp park is adjoing the community. Only a total of 46 homesites are to be built. There are proctective covenants and restrictions. There is NOT a Homeowners Association so there is not a fee.

The response has been overwhelming so don't delay visiting us or contacting The Pilgrim Team at Professional Realty Associates.

York County PA Housing Statistics for year of 2009

RAYAC Housing Snapshot

A year-end review of the residential real estate market in York & Adams Counties

December 2009

2009 Housing Statistics

The REALTORS Association of York & Adams Counties (RAYAC) reports that a total of 647 homes were sold in Adams County in 2009, a decrease of 7%. In York County 4,046 homes were sold in 2009, a 4% increase from 2008. The median sales price in Adams County was $185,000, a 7% decrease from last year. In York County the median sale price was $159,900 reflecting a drop of only 3%. “Starting in June, each month we have continued to see positive increases in the number of homes sold in both York & Adams Counties,”by 2010 RAYAC President.

RAYAC MLS Statistics by School District

2008-2009 (January1-December 31) Comparison School District 2009

Median Sale Price 2008 Median Sale Price % Change 2009 Number Sold 2008 Number Sold % Change

Adams County

Bermudian Springs $169,450 $199,900 -15% 86 85 1%

Conewago Valley $169,700 $184,200 -8% 172 188 -9%

Fairfield $213,450 $235,000 -9% 60 65 -8%

Gettysburg $220,000 $214,950 2% 163 152 7%

Littlestown $182,000 $188,000 -3% 116 131 -11%

Upper Adams $178,325 $175,500 2% 50 71 -30%

Total Adams County

$185,000 $198,451 -7% 647 692 -7%
York County

Central $163,000 $185,000 -12% 439 401 9%

Dallastown $172,900 $190,000 -9% 456 403 13%

Dover $147,900 $164,000 -10% 242 265 -9%

Eastern $140,700 $148,750 -5% 142 130 9%

Hanover $147,000 $148,000 -1% 130 153 -15%

Northeastern $158,000 $169,900 -7% 285 255 12%

Northern $205,000 $188,000 9% 99 84 18%

Red Lion $164,900 $170,000 -3% 352 303 16%

South Eastern $210,000 $213,750 -2% 43 136 -68%

South Western $180,000 $195,000 -8% 238 246 -3%

Southern $214,500 $229,000 -6% 176 128 38%

Spring Grove $176,000 $174,950 1% 241 212 14%

West Shore $178,500 $168,900 6% 144 157 -8%

West York $144,400 $147,000 -2% 273 271 1%

York City $68,700 $68,000 1% 384 467 -18%

York Suburban $156,505 $160,000 -2% 302 275 10%

Total York County

$159,900 $164,900 -3% 4046 3886 4%

Saturday, January 09, 2010

Searching for York PA Foreclosures?

If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact The Pilgrim Team at Professional Realty Associates.

Distressed Homeowners Beware of those We'll Buy Your House Ad's

Homeowners who are in financial distress here in York Pa and the rest of the country have been seeing a lot of advertising lately about buying homes for cash. Though these offers may seem legitimate and some may be, the vast majority of these companies are in my opinion scamming the distressed homeowner who is going through a financial crisis due to the downturn in the economy the last 3 years.

What homeowners must realize and question is how could a person offer to buy a home that the current homeowner is "under water" meaning the home is worth less than what they currently owe on it and then resell it and make money on it? As a homeowner if you have equity in the property why would you not want to put that in your pocket instead put it in someone else's, especially in this current economic climate?

What the intent is by these companies is to not only scam the homeowner but defraud the lender who has the mortgage on the property. How do they do that? They offer the homeowner to buy the property and write an contract on the home for x amount of dollars. The company has no real intention to buy it. What they will do is "shortsale" the property at the lower price and then put it on the market for sale at a much higher price than the contract price looking for a buyer willing to pay what really is fair market value. Once they find a buyer who is willing to purchase the property at the higher price they arrange a settlement date that will coincide with the 1st and 2nd contracts and settle on both concurrently. This settlement which we call a "double flip" they transfer the property from the current owner then to the buyer the company has found and the difference between the 1st contract and the 2nd contract that was written is pocketed by the company. This is done with very little money ever transferred by the investment company.

You say what is wrong with that? The lender who holds the mortgage was never aware of the 2nd contract and was lead to believe the companies 1st contract was fair market value, which in fact it was not. So in my opinion this is fraud committed on the lender and ultimately the american consumer and taxpayer who has paid billions with bailout money loaned to these institutions.

So if someone comes to you to buy your house for cash or you respond to one of those billboards you see out there, steer away from these companies. It will be only a matter of time to they get caught.
Labels: Buy Your House For Cash, Foreclosures, Selling Homes york pa, Shortsales, We Buy Houses, York PA, York Pa Real Estate

$8,000 and the $6500 Tax Credit Due to Expire April 30th

Home Buyers in York PA and surrounding area's don't forget to take advantage on the tax credits that are available to you. I know it is cold outside and seems like spring is a long time off but before you know it spring will be here. If you are going to be buying a home this year and it is your first home that you have owner in over 5 years you will eligible for up to $8,000. If you have owned a home in 5 of the last 7 years you may be eligible to get $6500. You must have a contract ratified by April 30th and settle on the home prior to June 30, 2010. Hurry before you lose out on it. Contact us here at The Pilgrim Team at Professional Realty Associates for more information.