Pennsylvania Foreclosure Activity Decreases in May

Statewide foreclosure filings down 4 percent from April; Up 21 percent from May 2009

 

Foreclosure activity in Pennsylvania fell 4 percent in May to 5,288 properties with foreclosure filings but rose 21 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Pennsylvania foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which fell 14 percent for the month. The state’s unemployment rate remains below the national average, and home prices here did not decline as far as most state’s during the first quarter. These factors have likely contributed to the recent decrease.”

 

Pennsylvania ranked 13th in the country in total foreclosures reported for the month. With one in every 1,039 housing units receiving a foreclosure filing, its foreclosure rate ranked 33rd among the 50 states.

 

Philadelphia County dominates foreclosure rate in May

Philadelphia County posted the highest rate in Pennsylvania for May, with one in every 554 housing units receiving a foreclosure filing — 1.9 times the state average. Berks County came in second, with one in every 567 housing units receiving a foreclosure filing — 1.8 times the state average. Lackawanna County had the third highest foreclosure rate, with one in every 587 housing units receiving a foreclosure filing — 1.8 times the state average. Lehigh County documented the fourth highest foreclosure rate, with one in every 632 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Philadelphia County tops in foreclosure total for May

Philadelphia County came out on top, reporting 1,193 properties with foreclosure filings for the month. Allegheny County followed in second, documenting 757 properties with foreclosure filings. Reporting 369 properties with foreclosure filings for the month, Bucks County reported the third highest ranking. Delaware County was fourth highest, reporting 294 properties with foreclosure filings.

 

State contributes 2 percent to nation’s monthly foreclosure total in May

Pennsylvania accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Pennsylvania

0

1,841

0

1,851

1,596

5,288

1,039

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

464

0

420

309

1,193

554

0.72

1.88

Berks

0

116

0

92

76

284

567

0.70

1.83

Lackawanna

0

0

0

159

7

166

587

0.68

1.77

Lehigh

0

66

0

107

46

219

632

0.63

1.64

Bucks

0

168

0

126

75

369

654

0.61

1.59

 

Philadelphia Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Pennsylvania

0

1,841

0

1,851

1,596

5,288

1,039

-4.08

20.84

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

464

0

420

309

1,193

554

8.55

20.02

Allegheny

0

314

0

278

165

757

782

-17.90

3.13

Bucks

0

168

0

126

75

369

654

-8.44

35.66

Delaware

0

141

0

11

142

294

751

16.67

-17.18

Montgomery

0

149

0

85

59

293

1,076

-22.28

168.81

 

 

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