Philadelphia Foreclosure Rate Rises Slightly Above National Average
Pennsylvania Foreclosures Up More Than 18 Percent
IRVINE, Calif. – Dec. 19, 2006 – The Philadelphia metro area documented 1,656 new foreclosure filings in November, an increase of more than 39 percent from the pervious month and pushing the city’s foreclosure rate slightly above the national average, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.
The five-county metropolitan area documented 1,656 new foreclosure filings and a foreclosure rate of one new foreclosure filing for every 945 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.
“Although Philadelphia saw a fairly significant spike in foreclosures in November, the metro’s foreclosure rate is still barely above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “A relatively low unemployment rate has helped to keep Philadelphia area foreclosures in check, but an abrupt slowing of home price appreciation in the third quarter could be the catalyst that triggers an upward trend in area foreclosures by limiting the options for financially strapped homeowners to avoid default or foreclosure.”
Philadelphia’s foreclosure rate was lower than the rates in Dallas, Chicago and Los Angeles, but higher than the rate in New York.
Philadelphia County reported 1,296 new foreclosure filings during the month, by far the most of any metro county and a 70 percent increase from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 511 households was the highest in the metro area and 1.9 times the national average.
Foreclosure activity also increased in Montgomery and Bucks counties in November. Montgomery County reported 180 new foreclosure filings during the month, a 42 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 1,652 households — second highest in the metro area but still well below the national average. Bucks County reported 118 new foreclosure filings, a 46 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 1,911 households.
Delaware County documented the metro area’s lowest foreclosure rate — one new foreclosure filing for every 11,420 households — thanks to an 85 percent drop in foreclosure activity. Chester County foreclosure activity decreased 52 percent, and the county’s foreclosure rate of one new foreclosure filing for every 3,808 households ranked second lowest in the metro area.
Pennsylvania reported 3,201 new foreclosure filings in November, an increase of more than 18 percent from the previous month and also an increase of more than 18 percent from November 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,640 households stayed well below the national average.
A total of 120,334 new foreclosure filings were reported nationwide in November, an increase of more than 4 percent from the previous month and an increase of more than 68 percent from November 2005. The national foreclosure rate of one new foreclosure filing for every 961 households was the highest national foreclosure rate reported in any month so far this year.
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).
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/.
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Detailed and historical foreclosure data used to create the above report may be
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158. Aggregate data is available at the state, metro, county and zip code
levels dating back to 2005, and address-level foreclosure records are also
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Detailed & Historical Data:
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