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PHILADELPHIA FORECLOSURES UP 34 PERCENT IN DECEMBER

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Philadelphia Foreclosure Rate Third Among Top 5 Metros
Pennsylvania Foreclosures Up More Than 15 Percent

IRVINE, Calif. – Jan. 15, 2007 – Philadelphia foreclosure activity increased 34 percent in December, the second consecutive month the city’s foreclosures have risen more than 30 percent, according to the RealtyTrac™ U.S. Foreclosure Market Report.

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RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 800,000 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.

The five-county Philadelphia metropolitan area reported 2,214 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 707 households — 1.5 times the national average. That brought the area’s fourth quarter foreclosure total to 5,057 and its 2006 total to 18,660.

“Big jumps in new foreclosure filings in the last two months raise questions about the strength of the local real estate market,” said James J. Saccacio, chief executive officer of RealtyTrac. ”But even with the steep increases, fourth quarter foreclosure activity was still below the level we saw in the first quarter. And the city’s foreclosure rate places in the middle of the pack of the five major metropolitan areas we track each month.”

Philadelphia’s foreclosure rate was higher than Los Angeles and New York foreclosure rates but lower than Dallas and Chicago foreclosure rates.

Philadelphia County posts majority of metro foreclosures, highest foreclosure rate
Philadelphia County reported 1,727 new foreclosure filings during the month, an increase of 33 percent from the previous month and the most documented by any metro county. The county’s foreclosure rate of one new foreclosure filing for every 383 households was highest in the metro area and 2.8 times the national average.

Chester County foreclosures show biggest increase
Most of the other counties in the Philadelphia metro area reported increasing foreclosures in December, but all of those counties still documented foreclosure rates below the national average. With 82 new foreclosure filings, Chester County reported the biggest increase, 91 percent; Bucks County reported 201 new foreclosure filings, a 70 percent increase; and Montgomery County reported 188 new foreclosure filings, a 4 percent increase.

Delaware County was the only metro county to document decreasing foreclosures in December. The county reported 16 new foreclosure filings during the month, a decrease of 16 percent from the previous month.

Pennsylvania foreclosures increase 16 percent
Pennsylvania reported 3,704 new foreclosure filings in December, a 16 percent increase from the previous month and a 12 percent increase from December 2005. Despite the increase, the state’s foreclosure rate of one new foreclosure filing for every 1,417 households stayed below the national average.

New foreclosure filings nationwide totaled 109,652 in December, a decrease of nearly 9 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,055 households. U.S. foreclosure activity was still up nearly 35 percent from December 2005.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Philadelphia Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 repossessed 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 – Dec 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average
United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

--

Pennsylvania

2,148

1,217

0

0

339

3,704

1,417

0.7

Philadelphia MSAD

1,557

593

0

0

64

2,214

707

1.5

Bucks County

130

70

0

0

1

201

1,122

0.9

Chester County

80

0

0

0

2

82

1,997

0.5

Delaware County

3

9

0

0

4

16

13,561

0.1

Montgomery County

152

36

0

0

0

188

1,582

0.7

Philadelphia County

1,192

478

0

0

57

1,727

383

2.8

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/), 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/.

###

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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