Philly Housing Market Evolution: Key Trends in Home Prices, Ownership, and Mortgages Since 2000
Since 2000, Philadelphia's housing market has transformed due to population growth, tax incentives, and fluctuating interest rates. Entry-level home prices have surged from $59,000 to $160,000 by 2021, reducing affordability despite remaining lower than in other major East Coast cities.
New PA Law Shields Philly Homeowners from 'We Buy Houses' Scams: Regulation Targets Aggressive Wholesalers
A new Pennsylvania law, effective January, regulates real estate wholesalers to protect homeowners from predatory tactics. Wholesalers, who often use high-pressure methods to buy homes at undervalued prices, must now have real estate licenses, inform sellers of their rights, and provide a 30-day period for homeowners to back out of deals. This law, an extension of Philadelphia's 2020 regulations, aims to prevent homeowners, especially in gentrifying neighborhoods, from being exploited.
After Three-Year Hiatus, Sheriff's Office Resumes Auctions for 1,000+ Tax-Delinquent Properties, Recovering $35 Million for City and Schools
The Philadelphia Sheriff’s Office has resumed auctions for over 1,000 tax-delinquent properties, ending a three-year hiatus caused by a contract dispute that cost the city and school district an estimated $35 million in lost revenue. This resumption raises concerns about homeowner notification and the Sheriff’s Office’s capacity to handle the increased workload, while also impacting community gardens at risk of being sold.
PROA July Bill Track Report: Key Legislative Updates
Discover the Latest Updates in the Proa July Bill Track Report!
Habit for Humanity Volunteer Opportunity!
Would you like to make a real difference in our community? Consider volunteering with Habitat for Humanity. Join today to lend your support and make a positive impact!
For more information contact Deidra at deidrad@habitatphiladelphia.org
PHFA Unveils New Tax Credits and Funding for Affordable Rental Housing Across Pennsylvania
The Pennsylvania Housing Finance Agency has announced funding for the construction or rehabilitation of 1,916 rental units, with 1,801 units designated as affordable for households earning at or below 60% of the area median income. This funding, sourced from over $57.5 million in federal Low-Income Housing Tax Credits, $16.8 million in PennHOMES funding, $17.5 million in National Housing Trust Funds or PHARE funds, and $22.6 million in state housing tax credits, also includes a new $1.8 million Health for Housing Investment initiative that partners with healthcare organizations to improve health outcomes for residents in affordable housing.