Pennsylvania Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Pennsylvania rose 7 percent during the first quarter of 2010, and was up 25 percent from the same period last year. In all, the state reported 14,709 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 5,664 properties with foreclosure filings, a 37 percent increase from the previous month, and 15 percent above the level reported in March 2009. One in every 970 Pennsylvania housing units received a foreclosure filing during the month, giving it the 34th foreclosure rate in the nation.

 

“After a drop during the previous quarter, Pennsylvania foreclosures rose slightly during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which were up 11 percent for the month. While still below the national average, the state’s unemployment rate is still rising on a monthly basis. When this starts to turn around, we may see foreclosures begin to come down a bit.”

 

York County tops in foreclosure rate for the first quarter

York County posted the highest county foreclosure rate in Pennsylvania during the first quarter, as one in every 196 housing units received a foreclosure filing — 1.9 times the state average. Philadelphia County came in second, with one in every 204 housing units receiving a foreclosure filing — 1.8 times the state average. Berks County came in third highest foreclosure rate, with one in every 219 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Philadelphia County led state in total foreclosures for the first quarter

Philadelphia County documented 3,235 properties with foreclosure filings for the quarter. Allegheny County was second, reporting 2,063 properties with foreclosure filings. Reporting 945 properties with foreclosure filings for the month, Delaware County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Pennsylvania represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Pennsylvania

0

5,406

0

5,767

3,536

14,709

374

0.00

n/a

 

 

 

 

 

 

 

 

 

 

York

0

394

0

282

222

898

196

0.71

1.91

Philadelphia

0

1,466

0

1,247

522

3,235

204

0.68

1.83

Beks

0

382

0

250

102

734

219

0.63

1.70

Delaware

0

585

0

306

54

945

234

0.59

1.60

Lehigh

0

156

0

256

175

587

236

0.59

1.58

 

 

 

Pennsylvania Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Pennsylvania

0

5,406

0

5,767

3,536

14,709

374

37.04

14.59

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

1,466

0

1,247

522

3,235

204

-8.17

45.92

Allegheny

0

906

0

605

552

2,063

287

20.86

-1.53

Delaware

0

585

0

306

54

945

234

21.00

32.35

Montgomery

0

338

0

422

164

924

341

4.76

43.03

York

0

394

0

282

222

898

196

-11.79

65.68

 

 

 

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