Increase in Sheriff sales and Property foreclosures
Current Events Assignment
According to recent articles written in the Tribute Review and the Associate Press; the number of sheriff sales in Allegheny County are at an all time high. Economic professionals believe the large increase in sheriff sales is a direct reflection on the economy. The increase of properties brought to sheriff's sale has prompted several community organizations to request a six-month moratorium. A moratorium was granted 20 years ago with the demise of the Steel Mills. However, since the increase in property foreclosures can not be attributed to a single factor it is believed, the request for a moratorium will be denied.
According to the articles, properties are forced to sheriff sale for three reasons. First, school districts and taxing authorities have begun to a
In the past school district gave property owners a considerable amount leniency for tax delinquency. However, because of numerous funding cuts school districts have been forced to retrieve funding from any and all sources. In my opinion as long as property taxes exist, there are no true property owners. But to obtain good deals, I attend sheriff sales and tax foreclosure. ggressively pursue property owners for non-payment of taxes. Property owners, who are laid off, become ill or divorced, are listed as potential candidates. As a property owner, I have come to the understanding that as long as I live in Allegheny County, I will never own property. Once your financial commitment with your mortgage company has been satisfied you will receive the deed to your home. As much as I disagree with Allegheny county property, I find my desire to benefit from the process as a justification for its existence. The new banking standards have created an environment where many homeowners are financially unable to maintain their payments. From my perspective anytime someone can take property from you then it is not yours. In actuality, the only accomplishment you have made is to decrease your debt ratio. It is for this reason, I am against the implementation of a moratorium. The unavailability of decent paying jobs or a death of a primary breadwinner contributes to the increase in property foreclosure.