The 12th Ward Democratic Committee is inviting residents to discuss the recent sale of the Lemington Elementary School building at a meeting from 6 to 8 p.m. Thursday at Faith Evangelical Lutheran Church, 7060 Lemington Ave. Last month, the Pittsburgh Public Schools board sold the building to Destiny International Ministries for $125,000. The 7-year-old ministry,… Continue reading »
Sep
18
Home Values in PA Fall 7% in Year
A combination of weak housing sales, tighter lending and a slowing economy is putting a drag on residential home values throughout Pennsylvania. Home prices in 15 of the state’s 16 metropolitan areas are in a downward trend, according to a new report from the Keystone Research Center in Harrisburg. Inflation-adjusted home prices in Pennsylvania fell… Continue reading »
Sep
18
Rotting Houses Flipped on eBay; Bidders are Tricked Into Buying Eyesores
“NICE, CLEAN, Nicer!” shouts the eBay offer, boasting of a century-old duplex with great hardwood floors in a quiet Cleveland neighborhood. At this East 72nd Street house, “nice” means windows boarded, siding stripped, kitchen counters missing. “Quiet” means deserted, with half the neighboring homes boarded up and stripped, and one house just a pile of… Continue reading »
Sep
18
LIBOR jump could mean higher payments, more foreclosures
Wall Street weakness might hit home for residents As Wall Street wobbled, a key lending rate doubled overnight Tuesday, raising concerns that a historic onslaught of foreclosures could worsen. If the rate, known as the London interbank offered rate, or Libor, maintains its level, mortgage payments for thousands of local homeowners will rise sharply. With… Continue reading »
Sep
18
Foreclosures May Prevent Some From Voting
Foreclosures may stop some people from voting. To find a polling place, call 866-OUR-VOTE. To watch a CBS video about topic, click here.
Sep
16
New Data Suggests Least Well Regulated Mortgage Companies Issued Riskiest Loans
On September 11, 2008, the National Community Reinvesment Coalition (NCRC) said that new data released by the Federal Reserve Board suggests that risky lending practices and a lax regulatory environment contributed to an unsafe and unsound marketplace and a decrease in credit availability in 2007. The data indicates that credit has been significantly reduced, as… Continue reading »
Sep
11
Mortgage rates start to ease
If not for the government takeover of mortgage giants Fannie Mae and Freddie Mac, probably half of home mortgage lending in the Pittsburgh area might not happen, a housing official estimated Monday. Mortgage industry officials in the region expressed relief the day after the government took action, citing mortgage rates that have started to ease… Continue reading »
Sep
09
County’s property records rules may be eased
Allegheny County might ease restrictions on searching online property records. At least for some people. Nearly a year after barring name searches from the county’s real estate Web site, County Council is considering a proposal to allow some community groups to use them. The measure, set for introduction at tonight’s meeting, would allow organizations doing… Continue reading »
Sep
09
County trying to save homes
Unprecedented effort to assist troubled owners With mortgage defaults bruising cities across the nation and home losses continuing to mount in Western Pennsylvania, community leaders throughout Allegheny County kicked off a campaign yesterday to try to help homeowners in crisis. The unprecedented local effort to save homes in the greater Pittsburgh area came one day… Continue reading »
Sep
08
Congress Approves Housing Bill
From July 26th -WASHINGTON (Reuters) – The U.S. Congress approved a massive housing market rescue bill on Saturday, (July 26th) offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners. Read the rest here.