Foreclosure Home Press Releases PHILADELPHIA FORECLOSURE ACTIVITY UP 44 PERCENT IN SEPTEMBER

PHILADELPHIA FORECLOSURE ACTIVITY UP 44 PERCENT IN SEPTEMBER

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City’s Foreclosure Rate Stays Below National Average
Pennsylvania Foreclosure Activity Up Nearly 23 Percent

IRVINE, Calif. – Oct. 26, 2007 – The five-county Philadelphia metropolitan area reported 1,902 foreclosure filings in September, a 44 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 844 households — below the national average and second lowest among five of the nation’s largest metro areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Philadelphia’s foreclosure rate was higher than the foreclosure rate in New York, however, lower than the foreclosure rates in Los Angeles, Dallas and Chicago.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Solid home price appreciation has thus far kept Philadelphia foreclosure activity in check,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite the jump in foreclosure activity in September, the city’s foreclosure rate is still below the national average and low in comparison to other major metropolitan areas.”  

Philadelphia County accounts for majority of metro foreclosure activity
Philadelphia County reported 1,525 foreclosure filings in September, the most of any county in the metro area and a 106 percent increase from the previous month. The county’s foreclosure rate of one foreclosure filing for every 433 households was the highest among metro counties and above the national average.

Delaware County reported the second highest county total in the metro area, with 146 foreclosure filings for the month — a 17 percent decrease from the previous month. The county’s foreclosure rate of one foreclosure filing of one foreclosure filing for every 1,508 households was below the national average.

The rest of the counties in the Philadelphia metro area also registered foreclosure rates below the national average in September. Montgomery County reported 124 foreclosure filings, one for every 2,490 households, Bucks County reported 60 foreclosure filings, one for every 3,959 households, and Chester County reported 47 foreclosure filings, one for every 3,804 households.

Pennsylvania foreclosure activity up 23 percent
Pennsylvania reported a total of 3,821 foreclosure filings, a 23 percent increase from the previous month and a 22 percent increase from September 2006. The state’s foreclosure rate of one new foreclosure filing for every 1,419 households registered far below the national average and ranked 25th among the 50 states.

A total of 219,850 foreclosure filings were reported nationwide in September, an 8 percent decrease from the previous month but still a 96 percent increase from September 2006. The national foreclosure rate was one foreclosure filing for every 566 households.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the Philadelphia Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Philadelphia Area Foreclosure Market Statistics by County – September 2007

Area NODs NTSs NFSs LISs REOs Total 1 for every #HH /Natl Avg

United States

47,234

59,669

21,925

51,172

39,850

219,850

566

--

Pennsylvania

0

23

2,284

576

938

3,821

1419

0.40

Philadelphia MSAD

0

2

771

545

584

1,902

844

0.67

 

 

 

 

 

 

 

 

 

Bucks County

0

1

55

2

2

60

3,959

0.14

Chester County

0

0

34

1

12

47

3,804

0.15

Delaware County

0

0

106

5

35

146

1,508

0.38

Montgomery County

0

0

79

0

45

124

2,490

0.23

Philadelphia County

0

1

497

537

490

1,525

433

1.31

About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/gateway_co.asp?accnt=137300), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/gateway_co.asp?accnt=137300.

 

###


Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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