Foreclosure Home Press Releases PHILADELPHIA FORECLOSURE ACTIVITY INCREASES 27 PERCENT IN MAY

PHILADELPHIA FORECLOSURE ACTIVITY INCREASES 27 PERCENT IN MAY

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City’s Foreclosure Rate Stays Below National Average
Pennsylvania Foreclosure Activity Up 21 Percent

IRVINE, Calif. – June 30, 2007 – The five-county Philadelphia metropolitan area reported 1,534 foreclosure filings in May, a 27 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 1,021 households — well below the national average and fourth highest 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 but lower than the foreclosure rates in Los Angeles, Dallas and Chicago.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

“Below-average unemployment and steady, if not spectacular, home price appreciation have thus far kept Philadelphia foreclosure activity in check,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite the jump in foreclosure activity in May, 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 1,122 foreclosure filings in May, the most of any county in the metro area and a 14 percent increase from the previous month. The county’s foreclosure rate of one foreclosure filing for every 590 households was highest among metro counties and slightly above the national average.

With 186 foreclosure filings for the month, Delaware County reported the second highest county total in the metro area. Despite a sharp month-to-month increase in foreclosure activity, the county’s foreclosure rate of one foreclosure filing of one foreclosure filing for every 1,167 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 May. Bucks County reported 95 foreclosure filings, one for every 2,374 households, Chester County reported 67 foreclosure filings, one for every 2,444 households, and Montgomery County reported 64 foreclosure filings, one for every 4,647 households.

Pennsylvania foreclosure activity down 18 percent
Pennsylvania reported a total of 2,893 foreclosure filings, a 21 percent increase from the previous month and a 26 percent increase from May 2006. The state’s foreclosure rate of one new foreclosure filing for every 1,815 households registered far below the national average and ranked 29th among all the states.

A total of 176,137 foreclosure filings were reported nationwide in May, a 19 percent increase from the previous month and a 90 percent increase from May 2006. The national foreclosure rate was one foreclosure filing for every 656 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 – May 2007

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

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

--

Pennsylvania

799

1,827

0

0

267

2,893

1,815

0.36

Philadelphia MSAD

746

764

0

0

24

1,534

1,021

0.64

Bucks County

3

92

0

0

0

95

2,374

0.28

Chester County

2

52

0

0

13

67

2,444

0.27

Delaware County

5

181

0

0

0

186

1,167

0.56

Montgomery County

3

50

0

0

11

64

4,647

0.14

Philadelphia County

733

389

0

0

0

1,122

590

1.11

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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