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Sale of local foreclosures jump 91 percent in third quarter

Media Outlet: 

Scranton Times-Tribune

Sales of repossessed properties in the Scranton/Wilkes-Barre metro area jumped by 91 percent from July 1 to Sept. 30, compared to the prior three-month span.

Pennsylvania is among states requiring judicial approval for foreclosures, which results in more delays in the system, said Forrest Huffman, a Fox School of Business professor of real estate and finance. "The foreclosure process itself tends to make the transition longer," he said.