Pennsylvania Foreclosure Activity Down 10 Percent in November

Statewide foreclosure filings up 25 percent from previous year

 

Pennsylvania foreclosure activity fell in November to 4,965 properties with foreclosure filings, down 10 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 25 percent ahead of the level reported in November 2008.

 

“Pennsylvania foreclosures fell during November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which dropped 33 percent for the month. The state’s unemployment rate is still below the national average, and it had one of the highest increases in home sales during the third quarter. These factors are definitely contributing to the recent decrease.”

 

Pennsylvania ranked 13th in the country in total foreclosures reported for the month. With one in every 1,103 housing units receiving a foreclosure filing, its foreclosure rate ranked 35th among the 50 states.

 

Philadelphia County posts state’s highest foreclosure rate in November

Philadelphia County posted the highest county foreclosure rate in the state for November, with one in every 524 housing units receiving a foreclosure filing — 2.1 times the state average. Bucks County had the second highest foreclosure rate, with one in every 724 housing units receiving a foreclosure filing — 1.5 times the state average. Allegheny County came in third highest, with one in every 733 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Philadelphia County led state in total foreclosure filings for November

Philadelphia County led all counties, totaling 1,262 properties with foreclosure filings for the month. Allegheny County was second highest once again, documenting 807 properties with foreclosure filings. Reporting 332 properties with foreclosure filings for the month, Bucks County had the third highest total in the state, while Delaware County was fourth highest, reporting 297 properties with foreclosure filings for the month.

 

State contributed 2 percent to nation’s foreclosure total in November

Pennsylvania accounted for 2 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Pennsylvania

0

1,905

0

1,694

1,366

4,965

1,103

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

489

0

541

232

1,262

524

0.80

2.11

Bucks

0

194

0

103

35

332

724

0.58

1.52

Allegheny

0

445

0

187

175

807

733

0.57

1.51

Northampton

0

7

0

79

72

158

741

0.56

1.49

Delaware

0

158

0

127

12

297

744

0.56

1.48

 

 

 

Pennsylvania Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Pennsylvania

0

1,905

0

1,694

1,366

4,965

1,103

-10.46

24.94

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

489

0

541

232

1,262

524

0.80

2.11

Allegheny

0

445

0

187

175

807

733

0.57

1.51

Bucks

0

194

0

103

35

332

724

0.58

1.52

Delaware

0

158

0

127

12

297

744

0.56

1.48

Montgomery

0

159

0

122

9

290

1,082

0.39

1.02

 

 

 

 

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