Total foreclosure filings up 7 percent from Q2, Up 15 percent from Q3 2008.

Pennsylvania reported 14,167 properties with foreclosure filings in the third quarter of 2009, an increase of 7 percent from the previous quarter and 15 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Pennsylvania foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties which climbed 33 percent for the quarter. While still on the rise, the state’s unemployment rate and property value depreciation remain below the national average. This increase we are seeing now is likely being driven by the recession.”

One in every 387 Pennsylvania housing units received a foreclosure filing in the third quarter, the 34^th highest state foreclosure rate in the nation. The state ranked 15^th in total foreclosures for the quarter when compared to the 50 states.

Foreclosure activity in the Keystone State was down 5 percent in September from the previous month to 5,494 properties with foreclosure filings, but elevated on a yearly basis, up to 31 percent from September 2008. The state’s foreclosure rate was 34^th highest in the nation for the month — with one in every 997 housing units receiving a foreclosure filing.

Philadelphia City posts state’s top foreclosure rate in the third quarter

Philadelphia County posted the highest county foreclosure rate in the state for the third quarter, with one in every 177 housing units receiving a foreclosure filing — 2.2 times the state average. Berks County was second, with one in every 232 housing units receiving a foreclosure filing during the quarter — 1.7 times the state average. Lehigh County posted the third highest foreclosure rate, where one in every 245 housing units received a foreclosure filing — 1.6 times the state average.

Five counties accounted for 58 percent of foreclosure activity in the third quarter

Philadelphia County led the way, tallying 3,724 properties with foreclosure filings for the quarter. Allegheny County came in second highest foreclosure total, reporting 1,688 properties with foreclosure filings. Montgomery County came in third, tallying 1,102 properties with foreclosure filings. Bucks County posted the fourth highest foreclosure total for the quarter, reporting 898 properties with foreclosure filings. Delaware County documented 834 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 2 percent to nation’s foreclosure activity for quarter and month

Pennsylvania accounted for two percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and two percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

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

Pennsylvania Top Foreclosure Rates by County – Q3 2009

Pennsylvania Top Foreclosure Totals by County – Q3 2009

Pennsylvania Top Foreclosure Rates by County – Sept 2009

Pennsylvania Top Foreclosure Totals by County – Sept 2009