Mounting foreclosures around Temple U spotlight questionable real estate deals

A Philadelphia Inquirer investigation reveals that roughly $45 million in student rental properties near Temple University were sold at inflated prices, with some deals reportedly structured so sellers received only half of the recorded sale value. Now, many of those properties are entering foreclosure just months after purchase.

As Penn IUR Co-Director Susan Wachter explains, the ripple effects are systemic and harmful. 

The city loses out because these people aren’t going to pay their taxes. Constituents are hurt because they won’t maintain the properties. And eventually it goes into foreclosure and the tenants will lose their lease.