Pennsylvania Foreclosure Activity Rose in Second Quarter

Activity level rose 4 percent from Q1

Foreclosure filings decrease 2 percent mid-year; down 4 percent in June

 

Pennsylvania reported 15,235 properties with foreclosure filings for the second quarter of 2010, a 4 percent rise from the first quarter and 15 percent above the level reported in the second quarter of 2009. 

 

Activity level in Pennsylvania fell during the first half of 2010 as well as for the month of June. For the first six months of the year, Pennsylvania reported 27,684 properties with foreclosure filings, a 2 percent fall in activity from the second half of 2009, but still 16 percent above the level reported mid-year 2009. In June the state tallied 5,055 properties with foreclosure filings, a decrease of 4 percent from the previous month, but still up 2 percent from June 2009.

 

“Foreclosure activity rose in Pennsylvania during the second quarter of 2010, those it was lower this half than in the second half of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment above 9 percent – a 26-year high for the state – additional foreclosures are likely on the way in the coming months.”

 

One in every 361 Pennsylvania housing units received a foreclosure filing during the quarter, giving the state the 34th highest foreclosure rate in the nation.

 

York County posts state’s top foreclosure rate for the quarter

York County posted the highest county foreclosure rate in Pennsylvania during the second quarter, with one in every 200 housing units receiving a foreclosure filing — 1.8 times the state average. Philadelphia County came in second highest foreclosure rate, with one in every 201 housing units receiving a foreclosure filing — 1.8 times the state average. Berks County had the third highest foreclosure rate, with one in every 202 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Philadelphia County leads state in total foreclosures for the second quarter

Philadelphia County led Pennsylvania in total foreclosures, reporting 3,281 properties with foreclosure filings for the quarter. Allegheny County had the second highest foreclosure total, reporting 2,105 properties with foreclosure filings. Reporting 1,103 properties with foreclosure filings for the quarter, Bucks County came in third. Montgomery County was fourth, reporting 924 properties with foreclosure filings. Fifth highest total was York County, where 879 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Pennsylvania represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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: 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Pennsylvania

0

5,345

0

5,555

4,335

15,235

361

0.40

n/a

 

 

 

 

 

 

 

 

 

 

York

0

470

0

222

187

879

200

0.72

1.81

Philadelphia

0

1,463

0

1,137

681

3,281

201

0.72

1.79

Berks

0

325

0

312

160

797

202

0.71

1.79

Bucks

0

541

0

390

172

1,103

219

0.66

1.65

Lehigh

0

180

0

236

188

604

229

0.63

1.57

 

 

Pennsylvania Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Pennsylvania

0

5,345

0

5,555

4,335

15,235

361

3.58

15.24

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

1,463

0

1,137

681

3,281

201

1.42

16.55

Allegheny

0

893

0

716

496

2,105

281

2.04

-5.98

Bucks

0

541

0

390

172

1,103

219

23.24

33.70

Montgomery

0

392

0

336

196

924

341

0.00

28.87

York

0

470

0

222

187

879

200

-2.12

7.85

 

 

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