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March 30, 2008
Morning Links: 03/30/2008
Keystone's Herzenberg discusses the economy and the election in the Patriot News.
Trouble with foreclosures in Lehigh and Northampton County:
The number of homes sold at sheriff's sale is on the rise in both Lehigh and Northampton counties, and the tide of foreclosures has spread to higher-priced houses in the suburbs.The number of homes sold at sheriff's sales in Northampton County more than doubled to 99 properties during the first three months of the year, according to the county's sheriff department, which handles the sales.
In Lehigh County, 94 homes sold at sheriff's sale in January, February and March, nearly double the number in 2007. That's a turnaround from last year. While foreclosures were already on the rise in 2007 in Northampton County, the number of homes sold at sheriff's sales had fallen in Lehigh County, compared with 2006.
While the number of foreclosed homes in the Lehigh Valley remains small, the latest statistics provide a glimpse of what might lie ahead. Economists predict more homeowners nationally and in the Valley will default on mortgages this year as a larger number of adjustable rate mortgages reset to higher monthly payments.
--Mark Price
Posted by Price at March 30, 2008 09:03 AM