PENNSYLVANIA FORECLOSURE ACTIVITY INCREASES 5 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 100 Percent From Q1 2008

Monthly Foreclosure Activity Up 18 percent in March, Surges 70 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 11,797 Pennsylvania properties in the first quarter of 2009, a 5 percent increase from the previous quarter, and 100 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Keystone State reported 4,943 properties with foreclosure filings in March, an 18 percent increase from the previous month and 70 percent above its March 2008 total.

 

Pennsylvania foreclosures are up across the board,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while the state’s unemployment rate is still below the national average, more than 130,000 jobs were lost during the past year. This, in addition to slow home sales and deflated home prices, is likely driving the overall rise.”

 

Pennsylvania documented the 13th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 464 housing units received a foreclosure filing during the quarter — came in 30th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Pennsylvania counties accounted for 54 percent of the state’s overall foreclosure activity during the first quarter. Philadelphia County came in first place, reporting 2,217 properties with foreclosure filings. Allegheny County was second, reporting 2,095 properties with foreclosure filings for the quarter. Bucks County was close behind in third, reporting 718 properties with foreclosure filings. Delaware County registered the fourth highest total, documenting 714 properties with foreclosure filings. Montgomery County posted the fifth highest total, where 646 properties with foreclosure filings were reported.

 

Allegheny County scores highest rates in the state for first quarter

Allegheny County led the state, with one in every 282 housing units receiving a foreclosure filing — 1.6 times the state average. Philadelphia County came in second, with one in every 298 housing units receiving a foreclosure filing — 1.6 times the state average. Delaware County registered the third highest foreclosure rate, where one in every 309 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Pennsylvania accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Pennsylvania

0

4,477

27

4,277

3,016

11,797

464

5.36%

99.92%

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

11

7

18

2,203

-40.00%

500.00%

Allegheny

0

952

8

642

493

2,095

282

-14.17%

113.34%

Armstrong

0

0

0

37

6

43

761

230.77%

4200.00%

Beaver

0

6

0

134

56

196

405

113.04%

12.00%

Bedford

0

0

0

0

0

0

-100.00%

Berks

0

316

1

148

50

515

311

-27.67%

25650.00%

Blair

0

0

0

1

0

1

56,132

-90.91%

0.00%

Bradford

0

0

0

0

0

0

Bucks

0

319

0

231

168

718

335

48.35%

243.54%

Butler

0

1

0

4

23

28

2,750

-67.82%

-51.72%

Cambria

0

1

0

4

3

8

8,287

33.33%

700.00%

Cameron

0

0

0

0

0

0

Carbon

0

0

0

52

8

60

549

20.00%

5900.00%

Centre

0

0

0

25

10

35

1,659

-51.39%

169.23%

Chester

0

5

0

108

91

204

900

75.86%

47.83%

Clarion

0

0

0

3

0

3

6,658

200.00%

Clearfield

0

0

0

1

0

1

38,768

-66.67%

Clinton

0

0

0

1

1

2

9,420

0.00%

100.00%

Columbia

0

0

0

26

35

61

473

662.50%

2950.00%

Crawford

0

0

1

38

0

39

1,115

-15.22%

Cumberland

0

1

0

10

38

49

1,926

133.33%

6.52%

Dauphin

0

0

0

130

77

207

563

95.28%

-5.05%

Delaware

0

358

2

269

85

714

309

-15.50%

175.68%

Elk

0

0

0

7

5

12

1,530

-20.00%

Erie

0

0

1

189

92

282

418

118.60%

209.89%

Fayette

0

3

0

11

59

73

919

135.48%

3550.00%

Forest

0

0

0

0

0

0

Franklin

0

0

0

114

5

119

501

63.01%

11800.00%

Fulton

0

0

0

1

0

1

7,283

-50.00%

Greene

0

0

0

2

1

3

5,721

50.00%

Huntingdon

0

0

0

4

0

4

5,492

300.00%

Indiana

0

2

0

11

9

22

1,743

15.79%

37.50%

Jefferson

0

0

0

0

0

0

-100.00%

-100.00%

Juniata

0

0

0

0

0

0

-100.00%

Lackawanna

0

0

2

126

29

157

619

58.59%

15600.00%

Lancaster

0

206

1

77

63

347

559

-32.62%

236.89%

Lawrence

0

0

1

52

24

77

525

-40.77%

102.63%

Lebanon

0

0

0

17

0

17

3,141

-59.52%

1600.00%

Lehigh

0

121

0

190

88

399

345

62.20%

19850.00%

Luzerne

0

0

2

170

107

279

530

18.72%

68.07%

Lycoming

0

0

0

2

3

5

10,777

0.00%

-70.59%

McKean

0

0

1

0

0

1

21,718

0.00%

Mercer

0

0

1

41

26

68

757

-45.16%

3300.00%

Mifflin

0

0

0

42

1

43

494

207.14%

Monroe

0

0

0

95

104

199

394

-1.49%

151.90%

Montgomery

0

393

0

175

78

646

486

2.05%

74.12%

Montour

0

0

0

0

0

0

-100.00%

Northampton

0

10

0

222

110

342

342

30.04%

1454.55%

Northumberland

0

0

0

4

3

7

6,254

40.00%

Perry

0

0

0

2

16

18

1,098

12.50%

12.50%

Philadelphia

0

1,271

3

218

725

2,217

298

26.18%

6.23%

Pike

0

0

0

30

8

38

1,055

111.11%

3700.00%

Potter

0

0

0

0

0

0

Schuylkill

0

52

0

87

3

142

491

202.13%

77.50%

Snyder

0

0

0

2

0

2

7,809

100.00%

Somerset

0

0

0

1

2

3

12,678

0.00%

200.00%

Sullivan

0

0

0

0

0

0

Susquehanna

0

0

0

4

0

4

5,635

33.33%

300.00%

Tioga

0

0

0

0

0

0

-100.00%

-100.00%

Union

0

0

0

1

1

2

7,761

100.00%

Venango

0

0

0

2

1

3

9,102

200.00%

Warren

0

0

0

2

0

2

11,689

-50.00%

Washington

0

72

1

116

57

246

374

-22.88%

602.86%

Wayne

0

0

0

8

2

10

3,290

-54.55%

Westmoreland

0

95

1

222

146

464

358

21.78%

13.45%

Wyoming

0

0

0

0

4

4

3,318

100.00%

York

0

293

1

155

93

542

321

-20.76%

123.05%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved