Real Estate Law Archives

Former Philadelphia Sheriff John D. Green is currently involved in a civil case involving Sheriff’s Office real estate sales. The U.S. Attorney’s Office in Philadelphia is reportedly conducting a probe of the sheriff’s operations, in response to financial irregularities during Green’s time in office.

A Census Bureau report released on Tuesday revealed that the national rate of homeownership has fallen to its lowest level in 15 years, at 65.4 percent. An increase of renting accompanies the decrease, to the point where the apartment-vacancy rate was 8.8 percent in the first quarter of 2012.

Our Philadelphia readers may be interested in a recent article printed in the San Jose Mercury News, a daily newspaper in San Jose California. The article discusses important aspects of real estate deals, and much of the advice applies equally to our Pennsylvania readers.

According to the Philadelphia Inquirer, foreclosure filings in the Philadelphia metropolitan area rose nearly 50 percent from last February. The numbers indicated that one in 828 homes had foreclosure filings, a 47.2 increase from last February. Mortgage defaults reportedly increased 35 percent over the same time period. The numbers are not surprising, as half of the largest metro areas in the United States reported increases in foreclosure activity over the last year.

Our Philadelphia readers have likely heard by now about the recent settlement agreement between the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and state governments over alleged foreclosure abuse. The agreement, which was reached last month, is still in the process of receiving approval. If it is approved, certain homeowners may be able to receive compensation, reduction in their principal, or refinancing of their loans.

Federal officials from the Environmental Protection Agency are currently conducting an investigation of claims that water supplies near the Marcellus Shale have been contaminated. The Marcellus Shale, as our readers know, has been cause for hope in terms of economic growth, but it has become a source of environmental concern as drilling continues.

A 21-acre tract of land owned by Institute for Advanced Study from Princeton University is currently the subject not only of a historic battle, but also a contemporary land dispute.

Landlord-tenant relations is one aspect of real estate law, which includes a host of issues including purchase and sales agreement, construction contracts, and environmental compliance. A recent article in the Philadelphia Inquirer took a look at a new development in the area of commercial leasing.

The Philadelphia Business Journal reports that the American Eagle Savings Bank was closed last Friday by the Office of the Comptroller of the Currency (OCC). The Boothwyn-based bank had had $19.6 million in total assets and $17.7 million in deposits at the end of the third quarter of 2011.

A small number of investment groups are taking advantage of the high demand but low competition in the area of charter school development. One such group, a joint venture of Canyon Capital Realty Advisors LLC and former tennis champion Andre Agassi, has taken on projects in Philadelphia and Milwaukee, and is currently considering similar projects in other cities, including New York and Houston.