Senior Deputy Attorney General and Prudential Homesale Services Group Speak About Consumer Protection and Other Emerging Issues in the Real Estate Industry

Lancaster, PA, October 29, 2008 --(PR.com)-- Senior Deputy Attorney General John Abel and attorney Bill Dinkel, In-House Counsel with Prudential Homesale Services Group, along with a panel of local experts addressed Realtors® on what is being done to protect consumers in the current real estate market.

Topics covered included short sale fraud schemes, predatory lending practices, the Mortgage Reform Act, identity theft, data breach, bankruptcy, foreclosure, and how real estate professionals can help clients through education and expertise.

“One of the best things that real estate professionals can do right now is to educate themselves,” said Dinkel. “Education combined with tenacity and knowing how to identify and resolve these emerging issues will allow us to create success stories for our customers.”

The event was offered by Prudential Homesale Services Group through the Real Estate Education Center.

Tracy Berger, Vice President of Business Development for Real Estate Sales at American Home Shield Warranty opened the event by saying, “Now more than ever, consumers want advice from professionals. The current market offers an opportunity to become a true expert for professionals who are willing to commit.”

Dinkel and attorney Brian Zulli, also In-House Counsel with Prudential Homesale Services Group, discussed new and existing laws, rules and regulations pertaining to issues such as foreclosure and bankruptcy. Statistics on a national level versus a local level in these areas were presented. Although national foreclosure rates have experienced a 90% increase in 2008, the foreclosure rate in Pennsylvania remains low in comparison to other states. Pennsylvania is ranked 34th in the nation in total foreclosures.

While National statistics show that 1 in 70 homes are in some phase of foreclosure, local statistics are much more positive. For example, in Berks county only 1 in 563 homes has filed. In York County, 1 in 583 homes are in the foreclosure process. Lancaster County has only had 182 fillings to date in 2008.

“Foreclosures are on the rise in some areas but not all,” said Zulli. “It’s definitely very localized.”

Abel spoke on identity theft and fraudulent business practices. He drove home the point that fraudulent acts are happening all around consumers everyday, but there are things that can be done in response. His suggestions included taking steps to prevent identity theft and reporting suspicious business practices to the Attorney General’s office for investigation. For more information on these topics and more visit www.AttorneyGeneral.gov.

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