NORRISTOWN PA – Barack Obama, having just been sworn in as the nation’s 44th president Tuesday (Jan. 20, 2009), looked ahead in his inaugural address and saw today’s legal notices … filled with advertisements for homes to be disposed of under upcoming sheriff’s sales in Montgomery County.
“Our economy is badly weakened,” the president acknowledged in his speech yesterday from the steps of The Capitol, “a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered.”
His words ring as true locally as anywhere else in the country. In Lower Pottsgrove (PA) Township, seven foreclosed properties are scheduled to be sold next Wednesday (Jan. 28, 2009) by the office of county Sheriff John Durante. Another four are already scheduled for the Feb. 25 sale. And in adjacent Limerick Township, three are scheduled for next week, and one for February.
In fact, the entire eight-county Philadelphia region ranked 77th among 100 metropolitan areas nationwide in the number of foreclosure filings recorded during 2008, foreclosure record-keeper RealtyTrac of Irvine CA reported Jan. 15 (2009). Of the 50 states, Pennsylvania rated 32nd in foreclosure filings last year.
The nation’s Top 5 foreclosure states, RealtyTrac said, were Nevada, with 7.29% of its household units in foreclosure proceedings; Florida, 4.52%; Arizona, 4.49%; California, 3.97% and Colorado, 2.41%. Pennsylvania’s figure, by comparison, was only 0.68%