The amount of bank owned properties currently available in the Lehigh Valley has risen to new levels. Part of this is due to creative financing done by both banks and borrowsers in recent years. In addition many homes were over valued and therefore over priced, which lead to many buyers over paying. Add this to  certain mortgage programs which allowed borrows to get in the door at a lower payment, only to have that payment reset to higher levels and higher interest rates and that equals disaster.

So many people today are faced with the value of their home going down, yet the mortgae payment is going up, putting them into a position that is very difficult to overcome. The market is correcting itself now, and will continue to do so for the next 1-2 years.

That said, now more than ever is the time to buy real estate in the Lehigh Valley! Both prices and interest rates are lower than they have been in years and there are a wide selection of bank owned foreclosure listings available in the Lehigh Valley.

A few things you need to understand about buying a foreclosure: They are not in the best condition, usally they are fixer uppers, requiring extensive cosmetic updates, and in some cases minor repairs. Bank owned properties are typically sold as-is, and that is why they are priced below market.

The first step in buying a home is to get pre-approvedby a local lender her in the Lehigh Valley. The next step is to request a list of foreclosures from Lehigh Valley Real Estate Agent.

You can also use our contact form to request a free list of all Lehigh Valley Foreclosure listings.

If you are looking to search for homes for sale in the greater Lehigh Valley Area, including Allentown, Bethlehem, and Easton you can now do so with ease.

Introducing www.GoValleyHomeFinder.com ! This is a brand new free online search engine that gives you direct access to the Lehigh Valley Mult List system – the same one the Realtors use.

There are no registration forms to gain access, you can just enter your search criteria and instantly see live, update listing of all the homes for sale in the entire Lehigh Valley – Free.

The site is very user friendly and has many unique features that allow to quickly and easily save searches, inquire about listings, schedule showings, email the listing info and many more great features that make searching the Lehigh Valley MLS very easy.

One of the new features is the unique map search which allows you to select specific areas and view all homes in that particular town or city. The system allows you to search search by school district, zip code, town or city, or area of your choice.

Of course you can also select price range, property type, and features including bedrooms, bathrooms, square feet, and amenities. It’s just a very nice, real easy way to search live, updated results at your own pace, and in the privacy of your own home, then when you do find homes that interest you, you can quickly and easily request more information.

Click here to Search Lehigh Valley MLS Listings on the new GoValleyHomeFinder.com!

Foreclosure aid: Measure would help about 400,000 homeowners.

The Senate cleared the last hurdle Friday to passing a housing rescue aimed at sparing hundreds of thousands of homeowners from foreclosure and bolstering troubled mortgage giants Fannie Mae and Freddie Mac.

The 80-13 test vote showed broad support for the election-year package and put it on track to pass the Senate by today. The White House says President Bush will sign it, having earlier dropped a threat to veto it over $3.9 billion in neighborhood grants.

The bill — regarded as the most significant housing legislation in a generation — is designed to help an estimated 400,000 homeowners escape foreclosure by letting them refinance into more affordable loans backed by the Federal Housing Administration.

It was set to clear Congress as a private company reported that the number of households facing the foreclosure process more than doubled in the second quarter of 2008 compared with a year ago. RealtyTrac Inc. of Irvine, Calif., said that 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households.

”The American people can begin to see they’re going to get some relief and some help from their Congress,” said Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman.

The plan gives the Treasury Department power to spend unlimited amounts to prop up Fannie and Freddie, should they need it, to calm investor fears about their financial stability at a time of rising foreclosures and falling home values. Treasury Secretary Henry M. Paulson calls the authority a ”backstop” which he has no intention of using.

Paulson’s request for the emergency power helped forge a bipartisan deal on the legislation, which also creates a new regulator with tighter controls on the government-sponsored mortgage firms — something Republicans have long sought.

Democrats also won key concessions as part of the compromise, including a permanent affordable housing program to be financed by Fannie and Freddie profits and the $3.9 billion in grants for buying and fixing up foreclosed properties in neighborhoods hit hardest by the housing crisis.

Many conservative Republicans are vehemently opposed to the foreclosure rescue, which they call a bailout of irresponsible homeowners and unscrupulous lenders. They are equally furious about the help for Fannie Mae and Freddie Mac, companies they say enjoy lavish profits in good times and wield their outsized political clout to resist regulation while depending on the government to bail them out should they falter.

Sen. Jim DeMint, R-S.C., was single-handedly delaying a final vote on the package until today because Democrats refused to allow a vote on his proposal barring the two firms from lobbying and making political contributions.

”These organizations that are now guaranteed by the American taxpayer should no longer be able to spend millions of dollars buying influence in Congress. That’s a conflict of interest,” DeMint said.

Dodd called Republican efforts to delay the measure’s passage ”tragic” given how many people are losing their homes each day.

More than three-quarters of Republicans voted against the measure when it passed the House on Wednesday.

By Julie Hirschfeld Davis | Of The Associated Press
July 26, 2008

On Wednesday 7/9/08, Easton city officials announced that $730,000 grant from Wachovia Regional Foundation that will help re-create Easton’s West Ward with environmental considerations. Turning trash-strewn lots and local dumping sites into community gardens, creating an access park to the Lehigh River and launching of an education program, Global Kids, are all included in the new urban ecology project.

Source: The Morning Call, 7.10.08

Northampton County is researching whether it has the legal authority to temporarily suspend sheriff sales to try to help residents whose homes are in foreclosure. County Council on Thursday asked County Executive John Stoffa to study the issue and report back, but the panel tabled a resolution that called for a 90-day moratorium on the sales if it’s determined the authority is there.

Source: The Morning Call, 7.11.08

Bethlehem officials will be sending letters next week that tell residents to disconnect any underground spouts and direct the storm water onto their lawns. The spouts likely hook into the underground sewer pipes, which are being filled with storm water that cascades into them during heavy rains. The water is backing up the city’s feeder lines, causing water to overflow in Freemansburg. The City is drawing their authority from an old ordinance that prohibits downspouts, sump pumps and other devices that direct surface runoff from connecting to the century-old sewer system. City officials believe homeowners can fix the problem at minimal cost.
 
Source: The Morning Call, 7.9.08

Catasauqua Borough Council has approved a plan to revitalize the downtown. The plan recommends making extensive aesthetic improvements, creating a civic plaza and changing a major street from one-way to two-way. The plan recommends about $1.3 million of streetscape improvements for the downtown commercial core, ”the vicinity of Front, Pine, Bridge and Church streets.”
 
Source: The Morning Call, 7.9.08

More than 100 residents could be forced to shell out thousands to install sidewalks under an ordinance approved Monday (7/7/08) by Emmaus Borough Council. The ordinance affects about 105 residences along Dalton Street, State Avenue and Keystone Avenue who will be told to install sidewalks by Nov. 1, 2010, unless granted an exemption. The sidewalks have to be constructed with specific dimensions to ensure consistency.
 
Source: The Morning Call, 7.8.08

Comparison of Activity from June 2007 to June 2008:


Number of Sales – During June 2008, 550 sales were reported, down approximately 29.3% from June 2007 at 778.

Average Sales Price – The average sales price for June 2008 was recorded at $234,000, down approximately 0.85% from June 2007
when the average sales price of the month was recorded at $236,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for June 2008 was recorded at $200,000 which is an decrease compared to June 2007 with a median of $207,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes
sell for more.

Average Market Time -The average time on the market for properties sold during June 2008 was 61 days, an increase from 51 days in June 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of June 2008 is 97%, which is a decrease compared to June 2007 at 98%.

The Bethlehem Planning Commission has approved plans for a supermarket on Eighth Avenue and a software development manufacturing plant on former Bethlehem Steel land.    PriceRite supermarket will be the last piece of redevelopment for the old Durkee spice plant near the Eighth Avenue interchange of Route 378. The 35,000-square-foot chain grocery could open as soon as the end of the year. In south Bethlehem, Synchronoss Technologies took a step toward becoming the newest tenant of Lehigh Valley Industrial Park VII on former Steel property.

Source:  The Morning Call, 7.14.08