The Pub - Pittsburgh Urban Blog
Foreclosure Discounts in Pittsburgh
Posted on Thursday, September 01, 2011 at 08:01 am ET
Recently the Wall Street Journal reported on the impact of foreclosure sales in national and regional real estate markets. Based on data from RealtyTrac, an Irvine, Calif.-based real estate data provider, nearly one-third of all U.S. homes sold in the second quarter of 2011 were in some stage of the foreclosure process or had been repossessed by a lender. These properties owned by financial institutions, typically as a result of foreclosure filings, are called REO (or Real Estate Owned) properties.
The same research found that the Pittsburgh region had one of the steepest discounts for properties being resold after a foreclosure.
Last September our Pittsburgh Economic Quarterly included an article focused on the impact of REO owned properties and sales in City of Pittsburgh neighborhoods. For more information see: Real Estate Owned Properties and Impacts Neighborhoods in Pittsburgh, Pittsburgh Economic Quarterly, September 2010, page 1.
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