PENNSYLVANIA FORECLOSURE ACTIVITY DOWN 11 PERCENT IN JANUARY

Foreclosure Filings Statewide Increase 119 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 3,682 Pennsylvania properties in January, down 11 percent from the previous month but still 119 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

Pennsylvania’s foreclosure activity decreased slightly in January, but foreclosure filings have more than doubled compared to January 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Pennsylvania is rising and this could contribute to more foreclosure activity in the months ahead.”

 

Pennsylvania ranked 16th in the country in total foreclosures reported for the month. With one in every 1,488 housing units receiving a foreclosure filing, its foreclosure rate ranked 29th among the 50 states.

 

Five counties account for bulk of state activity in January

Five Pennsylvania counties accounted for 58 percent of all foreclosure activity in the state during January. Allegheny County led the pack, reporting 760 properties with foreclosure filings for the month. Philadelphia County was second highest, reporting 615 properties with foreclosure filings. Montgomery County came in third place, reporting 282 properties with foreclosure filings. Bucks County placed fourth, documenting 259 properties with foreclosure filings. Westmoreland County posted the fifth highest foreclosure activity, where 233 properties with foreclosure filings were reported.

 

Westmoreland County posts state’s highest foreclosure rate for January

Westmoreland County reported the highest foreclosure rate in Pennsylvania for January, with one in every 713 housing units receiving a foreclosure filing — 2.1 times the state average. Monroe County posted the state’s second highest foreclosure rate, with one in every 769 housing units receiving a foreclosure filing — 1.9 times the state average. Allegheny County documented the third highest foreclosure rate, where one in every 778 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

State contributed 1 percent to nation’s foreclosure total in January

Pennsylvania accounted for 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Pennsylvania

0

1,214

0

1,360

1,108

3,682

1,488

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

1

1

39,649

0.01

0.04

Allegheny

0

220

0

279

261

760

778

0.60

1.91

Armstrong

0

0

0

3

3

6

5,451

0.09

0.27

Beaver

0

1

0

16

16

33

2,408

0.19

0.62

Bedford

0

0

0

0

0

0

 n/a

0.00

0.00

Berks

0

108

0

61

2

171

937

0.50

1.59

Blair

0

0

0

0

0

0

 n/a

0.00

0.00

Bradford

0

0

0

0

0

0

 n/a

0.00

0.00

Bucks

0

103

0

90

66

259

928

0.50

1.60

Butler

0

0

0

2

5

7

11,000

0.04

0.14

Cambria

0

0

0

1

3

4

16,575

0.03

0.09

Cameron

0

0

0

0

0

0

 n/a

0.00

0.00

Carbon

0

0

0

9

6

15

2,195

0.21

0.68

Centre

0

0

0

3

6

9

6,452

0.07

0.23

Chester

0

1

0

17

9

27

6,801

0.07

0.22

Clarion

0

0

0

0

0

0

 n/a

0.00

0.00

Clearfield

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

0

0

0

0

0

 n/a

0.00

0.00

Columbia

0

0

0

13

2

15

1,924

0.24

0.77

Crawford

0

0

0

13

2

15

2,898

0.16

0.51

Cumberland

0

1

0

5

0

6

15,725

0.03

0.09

Dauphin

0

0

0

2

21

23

5,063

0.09

0.29

Delaware

0

70

0

53

8

131

1,686

0.28

0.88

Elk

0

0

0

5

4

9

2,040

0.23

0.73

Erie

0

0

0

69

41

110

1,072

0.43

1.39

Fayette

0

2

0

8

2

12

5,589

0.08

0.27

Forest

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

31

1

32

1,864

0.25

0.80

Fulton

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

0

0

0

0

 n/a

0.00

0.00

Huntingdon

0

0

0

0

0

0

 n/a

0.00

0.00

Indiana

0

0

0

7

5

12

3,196

0.15

0.47

Jefferson

0

0

0

0

0

0

 n/a

0.00

0.00

Juniata

0

0

0

0

0

0

 n/a

0.00

0.00

Lackawanna

0

0

0

91

5

96

1,012

0.46

1.47

Lancaster

0

46

0

0

6

52

3,727

0.13

0.40

Lawrence

0

0

0

2

8

10

4,041

0.12

0.37

Lebanon

0

0

0

18

0

18

2,967

0.16

0.50

Lehigh

0

25

0

114

3

142

970

0.48

1.53

Luzerne

0

0

0

89

42

131

1,128

0.41

1.32

Lycoming

0

0

0

0

0

0

 n/a

0.00

0.00

McKean

0

0

0

1

0

1

21,718

0.02

0.07

Mercer

0

0

0

2

4

6

8,585

0.05

0.17

Mifflin

0

0

0

5

0

5

4,247

0.11

0.35

Monroe

0

0

0

21

81

102

769

0.61

1.93

Montgomery

0

181

0

56

45

282

1,112

0.42

1.34

Montour

0

0

0

0

0

0

 n/a

0.00

0.00

Northampton

0

2

0

69

50

121

968

0.48

1.54

Northumberland

0

0

0

1

1

2

21,889

0.02

0.07

Perry

0

0

0

0

0

0

 n/a

0.00

0.00

Philadelphia

0

320

0

13

282

615

1,074

0.43

1.38

Pike

0

0

0

7

6

13

3,083

0.15

0.48

Potter

0

0

0

0

0

0

 n/a

0.00

0.00

Schuylkill

0

0

0

0

2

2

34,873

0.01

0.04

Snyder

0

0

0

0

0

0

 n/a

0.00

0.00

Somerset

0

0

0

1

1

2

19,017

0.02

0.08

Sullivan

0

0

0

0

0

0

 n/a

0.00

0.00

Susquehanna

0

0

0

1

0

1

22,539

0.02

0.07

Tioga

0

0

0

0

0

0

 n/a

0.00

0.00

Union

0

0

0

0

1

1

15,521

0.03

0.10

Venango

0

0

0

0

0

0

 n/a

0.00

0.00

Warren

0

0

0

1

0

1

23,378

0.02

0.06

Washington

0

2

0

47

19

68

1,354

0.34

1.10

Wayne

0

0

0

2

2

4

8,225

0.06

0.18

Westmoreland

0

36

0

130

67

233

713

0.65

2.09

Wyoming

0

0

0

0

1

1

13,270

0.04

0.11

York

0

96

0

2

18

116

1,501

0.31

0.99

                   

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. (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 homes, with more than 1.3 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 (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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