Foreclosure Home Press Releases PHILADELPHIA FORECLOSURE ACTIVITY DOWN 24 PERCENT IN OCTOBER

PHILADELPHIA FORECLOSURE ACTIVITY DOWN 24 PERCENT IN OCTOBER

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ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

City’s Foreclosure Rate Lowest Among Top Five Metro Areas
Pennsylvania Foreclosure Activity Down 17 Percent

IRVINE, Calif. – Nov. 26, 2007 – The five-county Philadelphia metropolitan area reported 1,439 foreclosure filings in October, a 24 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 1,115 households — well below the national average and 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 lower than the foreclosure rates in New York, 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.

“Foreclosure activity in Philadelphia was down in October because job growth and the overall economy kept real estate prices from falling as much as they have in other markets,” said James J. Saccacio, chief executive officer of RealtyTrac. “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 987 foreclosure filings in October, the most of any county in the metro area despite a 35 percent decrease from the previous month. The county’s foreclosure rate of one foreclosure filing for every 668 households was highest among metro counties but still below the national average.

Montgomery County reported the second highest county total in the metro area, with 153 foreclosure filings for the month. Despite a 23 percent month-to-month increase in foreclosure activity, the county’s foreclosure rate of one foreclosure filing of one foreclosure filing for every 2,018 households was well below the national average.

The rest of the counties in the Philadelphia metro area also registered foreclosure rates below the national average in October. Delaware County reported 142 foreclosure filings, one for every 1,550 households, Bucks County reported 102 foreclosure filings, one for every 2,329 households, and Chester County reported 55 foreclosure filings, one for every 3,251 households.

Pennsylvania foreclosure activity down 17 percent
Pennsylvania reported a total of 3,170 foreclosure filings, a 17 percent decrease from the previous month but a 17 percent increase from October 2006. The state’s foreclosure rate of one new foreclosure filing for every 1,711 households registered far below the national average and ranked No. 32 among all the states.

A total of 224,451 foreclosure filings were reported nationwide in October, a 2 percent increase from the previous month and a 94 percent increase from October 2006. The national foreclosure rate was one foreclosure filing for every 555 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 – October 2007

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

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

--

Pennsylvania

0

6

1,967

244

953

3,170

1,711

0.32

Philadelphia MSAD

0

0

820

209

410

1,439

1,115

0.49

 

 

 

 

 

 

 

 

 

Bucks County

0

0

72

4

26

102

2,329

0.24

Chester County

0

0

43

1

11

55

3,251

0.17

Delaware County

0

0

133

6

3

142

1,550

0.36

Montgomery County

0

0

94

1

58

153

2,018

0.27

Philadelphia County

0

0

478

197

312

987

668

0.83

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.

 

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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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