forclosure study very interesting (Meridian, Prospect: foreclosures, chapel, mortgage)

[poconoproud]

monroe%20county%20foreclosure%20study%20pressrelease.pdf

I hope I inserted this attachment properly. It is very telling info, a 2004 study done about the Monroe County Foreclosure debacle. This study identifies sub divisions and builders/developers and financers who were largely responsible for sky-rocketing foreclosure rates. It is interesting also to note that alot of these builders have more than one business name. I showed the study to a friend and she told me that one of the builders at the top of the list does business as a name that went unmentioned in addition to the ones listed in the study. I won't name names, but in the study this builder was responsible for foreclosure rates (73.7%) in the Stonecrest Park community. Builder greed, lender greed, and home-buyer complacency = Foreclosure?

[MollyMe]

Well where are the names of the builders? They are not listed on the link. I'm sure I know 1 of them.

[poconoproud]

sorry, i don't know how to edit the post, and I inserted the wrong attachment. Should I repost a new thread, so I'll be able to insert the correct pdf file?

[LNTT_Vacationer]

Just add the link on the next post. . . I'd enjoy seeing it too.

[poconoproud]

I'm sorry, but I am not able to upload, I'm told the file is too big, that is why only the press release uploaded. If you type "A study of mortgage foreclosures in monroe county and the commonwealth's response" into the Yahoo or Google search feature, it is the first thing to come up, it's a pdf file. The sellers and developers start on page 36. Sorry for all the confusion.

[MollyMe]

Of the 2,745 properties with foreclosure filings between 2000 and 2003, TRF was able to track
down the original developer or seller of the property for approximately 1,000 properties. Half
of the properties (526) involved 9 sets of builders/developers; 14% (144) involved financial
institutions and/or government entities and are likely distressed foreclosure sales. TRF grouped
builders and developers which appear to have similar ownership as reported to the Pennsylvania
Department of State Corporate Records searchable database
The list provided here includes the names of those entities that were involved in at least two
transactions between 2000 and 2003 .



THE NUMBER AFTER THE COMPANIES NAME(S) IS the NUMBER OF PROPERTIES THAT HAD PROBLEMS --I THINK?? WORTH A LOOK!!

.
Raintree Homes Inc/ Chapel Creek/
Builders Mortgage Service/ Y-Rent/
Coventry Homes/ Percudani Family LP/
Emerald Homes/ Coastal Environmental Inc
154
Keystone Development
98
Financial Institutions
92
Cranberry Hill Corporation/ Designer Homes Inc/
68
Alpine Mountain Corp/ High Mountain Estates
Government Entities
52
Kal-Tac/ Deck Creations/ Gilbert Development/
45
Mountain Laurel Funding
Cost Control Marketing & Management
40
P & K Dev Inc/ Ridgefield Homes Inc
37
Etton Enterprises Inc/ Pocono Hickory Lane, Inc/
28
Fishhill Dev Co
Harmon Homes Inc/ One Stop Realty Inc/
28
Pocono Property Finders Inc/ PPF Homes, Inc
Universal Development Corporation/
28
Homes of Distinction Inc/ Rainbow Realm Inc
Falcon Crest Builders/ Tri State Auto Exchange Inc/
19
A & M Land Developers Inc
Sun Valley Lake Inc
16
Blue Mountain Lake Assoc/ Blue Mountain Craftsmen Ltd/
13
Brushy Mountain Co
Mid Monroe Development Corp
11
M B O Properties Inc/ SD&D Enterprises/ Meridian Holdings Corp
10
Universal Industries Inc/ VJB Inc.
9
Marketing Technologies
8
Clearview Builders Inc/ Pocono Realty / Prospect Hills Development
8
JLCJP
8
Mobile Developing Co
7
Individuals
7

[BLUEDIAMOND64]

Molly,
I recognize a builder from the list that built most of the homes in my development. I used a local contractor and had no problems. I know of one homeowner that is suing the builder.....they just pick up and move somewhere else.

[LNTT_Vacationer]

Wow. Thanks! That was worth the effort. A phenomenal amount of info on Monroe county and its developments. Only wish some of the maps were a bit clearer.

[MollyMe]

These are still operational and still reeling people in to buy and build with them.

[poconoproud]

I guess there were no repercussions for their role? All of those homes in question went into foreclosure within a 2-3 year period after building. It's disheartening, and I'd like to see a 2007 study done to re-evaluate if whether or not revealing these builders, developers, and lenders has had any impact on their foreclosure rates.