Market researcher RealtyTrac reports that fewer foreclosure processes were initiated in August 2012 than in August 2011. Foreclosures reached a 17-year high in August 2011. RealtyTrac said the number of homes entering foreclosure is projected to continue decreasing gradually.
Approximately 99,400 homes entered foreclosure in August. This was a 1 percent increase over July, but
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In Reading Area Water Authority v. The Schuylkill River Greenway Association, the Reading Area Water Authority condemned land for the construction, maintenance and operation of utility lines and appurtenance of a water main. The property owners challenged the taking and alleged the facilities would be purely for the benefit of a private developer. Specifically, they…
The Commonwealth Court of Pennsylvania recent ruled that the issuance of highway occupancy permit did not cause a “de facto” condemnation of a neighboring property owner. In Ristvey v. Com., Dept. of Transp., the alleged de facto condemnees owned 23 acres of vacant, residentially-zoned land on the eastern side of Pennsylvania State Route 18 in…
The Government Accountability Office recently released a report examining real estate valuations in the wake of the recent mortgage crisis. The report, used data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. It revealed that valuations received through broker price opinions and automated valuation models take less time and are less…
A Berks County trial court recently rejected the claim of property owners that the construction of sewage lagoons adjacent to their homes caused a “de facto” taking of their properties. A de facto taking can occur when a governmental action causes the equivalent of a condemnation of property. We were able to prove, for example…
In Greth Development v. Berks County Board of Assessment Appeals, the Berks County trial court considered whether the tax assessment of individual lots of a residential subdivision should take into account “ongoing subdivision concerns, including cash flow, absorption rate of lot sales, and ongoing expenses.” The case involved a residential subdivision in which 25 lots…
The Pennsylvania General Assembly recently passed the Real Property Electronic Recording Act. H.B. 970, passed the Senate as amended 49-0 on June 25, and passed the House on concurrence 198-0 on June 29. The bill brings into Pennsylvania law the Uniform Real Property Electronic Recording Act.
The Act’s purpose is to allow …
Today at 10:00 am ET, representatives of the Appraisal Institute and the Appraisal Foundation will testify before the US House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity. The topic of the hearing is “Appraisal Oversight: The Regulatory Impact on Consumers and Businesses.” The following link is to the hearing…
PennDOT announced the award of the largest construction contract in agency history, a $212.3 million contract to improve Interstate 95 and its interchange at Cottman Avenue (Route 73) in Northeast Philadelphia. According to PennDOT, “This record-setting contract is for the second stage of our two-stage program” for this project. PennDOT awarded the low-bid $212,325,000 contract…
PA’s Commonwealth Court recently ruled that a party alleging adverse possession over condemned property may intervene and challenge a taking. In In re Condemnation of Rights of Way and Easements, a Township condemned property to construct a sanitary sewer system. The Township named the record owner as the property owner. Owners of property near the…
