Six Men Responsible For Nearly 300 Foreclosures

ForeclosuresRI President and co-founder, Jeremy Shapiro Pennsylvania has begun offering bus tours to view foreclosed properties that are currently on the market. This is all very new to Pennsylvania; bus tours began in California, where foreclosures are incredibly common and has now spread as far as Florida. There are about 400 property foreclosures in Pittsburgh currently. A local real estate company took about 25 investors on a bus tour of 12 foreclosed homes recently. The real estate company is hoping to reduce the number of vacant homes in local neighborhoods. Maricopa County in North Carolina had over 4,000 notices of trustee sales in March of this year, but the county is not considered to be in crisis. North Carolina's foreclosures are considered to be low compared to other parts of the country. 2 percent of Maricopa County households and 1 percent of Pima County homes were involved in some stage of the foreclosure process. That's up 35 percent from February and 200 percent from the previous year. Home inventories are continuing to rise and prices are declining. In Indiana six men caused nearly 300 Indianapolis foreclosures by buying homes and not paying the mortgages and by fraudulently selling other homes at inflated prices, according to charges announced by authorities. The foreclosures have hurt many neighborhoods in the Indianapolis area; many of the properties are abandoned and attract criminal activity. Four of the six men have been arrested and the other two have warrants out for their arrest.

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