Tuesday, April 22, 2008

Philadelphia Real Estate Firsts!

Did you know that the first mortgage in the U.S. was issued to Comly Rich to build a property at 4726 Orchard Street in Frankford (now a section of Northeast Philadelphia) which is pictured at left. The loan was issued by the first savings and loan in the United States, the Oxford Provident Building Society, founded 1831. Though the loan was never paid off (making this possibly the earliest foreclosure in the US), the property was entered in the Historical Register in 1960.