Home sales, foreclosures a mixed bag in first quarter


First quarter home sales on the Northside saw a slight decrease over the same time period in 2010

Based on arm’s length transactions of homes, townhomes and duplexes with a
sales price of at least $10,000 during the first three months of the year, 93 homes were sold, compared to 98 in 2010.

Brighton Heights saw the most home sales at 21 during the first quarter of 2011.

Though it may be a slight loss, Nancy Noszka, director of real estate at the Northside Leadership Conference, said the numbers are positive.

“Northside is holding steadfast in sales and I see an increase in interest from young professionals relocating in Pittsburgh.  No doubt affordability and architectural features are attractive,” Noszka said.

On the foreclosure side, the Northside saw a decrease, down from 36 during the first quarter of 2010 to 25. The Northside saw a total of 124 foreclosures in all of 2010. Allegheny County saw 2,007.

Allegheny County saw 402 home foreclosures in the first three months of 2011, as compared to 568 during the same time period in 2010, according to RealStats, a decrease of 29 percent.

Across the region, for every six homes that sold in the first quarter of 2011, one went into foreclosure. On the Northside in all of 2010, for every five homes sold, one went into foreclosure. 

The 27th ward of Pittsburgh, which encompasses — on the Northside, ranked seventh of a list of the top 20 municipalities with the highest number of foreclosures during the first quarter of 2011. This number is based on recorded foreclosures of homes, townhomes, and duplexes in Allegheny, Beaver, Butler, Washington and Westmoreland counties.

Although the foreclosure picks looks rosier now, 2011’s foreclosures could be higher than 2010’s, according to RealtyTrac, a firm that tracks foreclosures. Noszka voiced caution over the current numbers  

“The decrease in the number of foreclosures for the first quarter can be deceiving, as lenders have held back on listing foreclosures due to a backlog in paperwork, also known as the shadow affect,” she said, “We may see an increase of foreclosures this spring as lenders catch up on processing those foreclosures.”

But, she adds, it’s not clear yet whether this will help or harm homebuyers and sellers.

“This can be an opportunity or a threat because lenders are requiring 20% down payments, and most homebuyers don’t have the cash and are competing against investors who pay cash and close in less than 30 days,” she said.

Northside Chronicle Town Hall Subscription