Unemployment Behind Foreclosures and Mobile Homes for Sale
A survey reveals that high unemployment and medical expenses are factors that contributed to the high number of foreclosed houses and mobile homes for sale in Pennsylvania.
The high number of residential properties and mobile homes for sale in Pennsylvania is not caused by subprime mortgages. At least, that was what the survey from the Pennsylvania Association of Realtors had revealed. The survey attributed majority of the state's foreclosures to unemployment and emergency medical expenses.
According to the survey, unlike what most real estate market observers believe, the high number of foreclosed homes for sale in Pittsburgh, PA and in other cities of the state is not primarily due to subprime mortgages but has more to do with forces outside the housing market. The survey indicated that subprimes actually played a small role in the state's housing troubles.
By Cassiano Travareli