Pennsylvania Foreclosure Activity Declines in February

Statewide filings decrease 19 percent from January

 

Foreclosure activity in Pennsylvania decreased in February to 4,133 properties with foreclosure filings, down 19 percent from the previous month and 1 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Pennsylvania reported a dip in foreclosure filings for February, bringing activity to a level slightly below what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the Keystone State is now at 8.8 percent, with its manufacturing sector recently taking the biggest hit amid significant employment gains in the education, health services, leisure and hospitality industries.”

 

One in every 1,330 Pennsylvania housing units received a foreclosure filing in February, the 35th highest rate in the nation.

 

Lehigh County posts top foreclosure rate in the state for February

Lehigh County posted the state’s highest county foreclosure rate in February, with one in every 509 housing units receiving a foreclosure filing — 2.6 times the state average. Berks County was second, with one in every 636 housing units receiving a foreclosure filing — 2.1 times the state average. York County came in third highest, with one in every 700 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Philadelphia County led the state in total foreclosures in February

Philadelphia County led the way, totaling 770 properties with foreclosure filings for the month. Allegheny County was second, documenting 531 properties with foreclosure filings. Delaware County ranked third highest, reporting 291 properties with foreclosure filings for the month. Lehigh County came in fourth place, reporting 272 properties with foreclosure filings, while the fifth highest total was in Bucks County, where 271 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Pennsylvania accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Pennsylvania

0

1,362

0

1,535

1,236

4,133

1,330

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Lehigh

0

61

0

116

95

272

509

0.82

2.61

Berks

0

135

0

97

21

253

636

0.66

2.09

York

0

130

0

46

75

251

700

0.60

1.90

Lawrence

0

0

0

23

31

54

748

0.56

1.78

Delaware

0

174

0

105

12

291

759

0.55

1.75

 

 

Pennsylvania Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Pennsylvania

0

1,362

0

1,535

1,236

4,133

1,330

-18.96

-1.41

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

310

0

343

117

770

858

-20.45

14.93

Allegheny

0

114

0

246

171

531

1,115

-38.26

-27.76

Delaware

0

174

0

105

12

291

759

-22.81

-25.19

Lehigh

0

61

0

116

95

272

509

140.71

90.21

Bucks

0

147

0

101

23

271

890

-15.05

53.11

 

 

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