More problems ahead?

More problems ahead?

LIMERICK PA – Local financial misery was on display Wednesday (July 8, 2009) for the world to see.

Across almost three full pages, in 492 column inches of tiny 9-point type published in the legal notice section of The (Pottstown PA) Mercury newspaper, 35 separate announcements of potential sheriff’s sales darkened the paper on which they were printed like rain clouds in a stormy sky.

The notices were another official reminder of the economic recession that continues to plague the nation and Greater Pottstown area communities.

Things may get even worse, The Christian Science Monitor newspaper reported Wednesday. It cited figures by RealtyTrac, the national foreclosure tracking firm, which “has noticed that the number of homes with delinquent payments is rising more rapidly than the number of homes in foreclosure. That makes RealtyTrac think that many more foreclosures will happen down the road,” The Monitor article said.

Paid for by the Montgomery County (PA) Sheriff’s Department, the local legal notices are a precursor to the possibility that Sheriff John P. Durante could auction properties as part of foreclosure proceedings to satisfy outstanding debts. Most of the sales, if they are held at all, would be conducted July 29 (2009; Wednesday) in Courtroom A of the county courthouse in Norristown PA, according to the notices.

There is no guarantee any sale will occur. Some likely will be postponed, as owners and lenders work on agreements that bring a property out of foreclosure or allow it to be sold privately.

Sheriff’s sales are scheduled regularly, and “foreclosure” has become a commonly heard word in the media. Yesterday’s legal notices were notable not only for their sheer volume, but also for some of the properties represented. They include a commercial parcel in Lower Pottsgrove (PA) Township valued at more than $1 million; and four different apartment buildings under single-entity ownership in Pottstown, also with a total value of more $1 million.

Among properties advertised for sheriff’s sale, and the debt carried on each, were:

Limerick (PA) Township
22 St. Andrews Blvd., $290,107;
56 Reifsnyder Rd., $198,672; and
99 S. Limerick Rd., $253,852.

Royersford (PA) Borough
741 Walnut St., Royersford PA, $134,868.

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