Each situation may be different. Some may have lost their jobs and some may have had sub prime adjustable rates that just went up. There are foreclosures all over the country .Croydon is a beautiful area.

As the cost of real estate in the Lower Bucks County area rose over the last 20 years, some areas have gotten out of reach of most first time home-buyers who are not high up on the pay scale. Croydon was one of the more affordable areas, although it is in Bristol TWP, which has higher taxes. However, even the lowest priced houses are still much higher than in many other parts of the state, due to the housing demand in this area. Unfortunately, many of these first-time homebuyers did not get pay increases that matched the increase in taxes and in the increase in rates, as many had ARM mortgages. Although housing prices have not increased as they have in the previous 5 years, they have not dropped much if any over the past year, due to the demand for housing outside Philadelphia and near transportation to NY, Princeton, Trenton, and Atlantic City. There is still a demand for houses.

Croydon is close to many industrial areas. Many industrial employers have moved out of the area.
US Steel Fairless works is one of the biggest examples of large manufacturing Industrial complex that have closed its doors. Even if people want to sell their home - Its hard to attract blue collar workers to this area - No income and not being able to sell your home = Foreclosure.

Croydon, located in Bucks County has had it's issues as mant other areas in Pa have. The fact that there are so many foreclosures there follows the trends all over bucks as well as other counties. As an agent that sells in Bucks, Montgomery, and Philadelphia, I can tell you that the problem is statewide right now. The upward balooning of the previously sound mortgage rates have forced many people into foreclosure. What happens is the government creates a financial policy in accordance with the economy. So we know that at some point in recent years the economy might have been so slow that the government (Federal Reserves) and Banks fell into an easy money policy where it was easy to get loans and the interest rates were irresistably low. (This is used when the economy isnt quite growing fast enough to speed it up again) So now that the economy has begun to speed up, there goes the tight money policy from the reserves, making if wery hard to get new loans and producing elevating mortgage interest rates that many people simple cannot afford, nor did they anticipate that. As a Realtor I can tell you that the average mortgage has increased by about 500. for some homeowners.

Hope this was helpful...
I am a local realtor let me know if I can help you in any way!
215-975-8951