PENNSYLVANIA FORECLOSURE ACTIVITY UP 127 PERCENT IN 2008

More than 37,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 37,210 Pennsylvania properties in 2008, an increase of 127 percent from 2007 and an increase of 69 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 0.68 percent of all Pennsylvania housing units received at least one foreclosure filing during the year, up from 0.30 percent in 2007.

 

Pennsylvania reported 4,119 properties with foreclosure filings in December, a 4 percent increase from the previous month and an 84 percent increase over December 2007.

 

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.

 

“Even though its economy faired better than the nation for much of the year, Pennsylvania saw its foreclosure activity more than double in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “If not for the state’s relatively thriving construction sector, its number of unemployment claims and foreclosure notices may have been even higher.”

 

Philadelphia County reports highest total of foreclosure filings

Philadelphia County led the state reporting 8,694 properties with foreclosure filings for the year. Allegheny County came in second, reporting 6,911 properties with foreclosure filings. Delaware County registered the third highest total, reporting 2,177 properties with foreclosure filings. Montgomery County documented the fourth highest foreclosure total, reporting 2,079 properties with foreclosure filings. Bucks County came in fifth, documenting 1,983 properties with foreclosure filings.

 

Philadelphia County posts top foreclosure rate

Philadelphia County topped the list, with 1.32 percent of its housing units receiving at least one foreclosure filing during the year. Allegheny County came in second, with 1.17 percent of its housing units receiving at least one foreclosure filing. Delaware County posted the third highest foreclosure total, where 0.99 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Berks County (0.99 percent) and York County (0.95 percent).

 

State a contributor to nation’s foreclosure total for 2008

Pennsylvania accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Pennsylvania

37,210

0.68

127.18

 

 

 

 

 

37

Adams

46

0.12

820.00

2

Allegheny

6,911

1.17

169.02

38

Armstrong

37

0.11

76.19

16

Beaver

425

0.54

21.78

65

Bedford

2

0.01

0.00

4

Berks

1,572

0.99

127.83

45

Blair

27

0.05

575.00

62

Bradford

4

0.01

0.00

8

Bucks

1,983

0.83

240.14

21

Butler

320

0.42

116.22

47

Cambria

24

0.04

166.67

66

Cameron

0

0.00

-100.00

27

Carbon

94

0.29

308.70

26

Centre

169

0.29

125.33

23

Chester

726

0.40

201.24

60

Clarion

3

0.02

n/a

51

Clearfield

11

0.03

57.14

46

Clinton

8

0.04

100.00

39

Columbia

29

0.10

141.67

33

Crawford

72

0.17

1,100.00

30

Cumberland

182

0.19

139.47

18

Dauphin

579

0.50

5.85

3

Delaware

2,177

0.99

281.26

29

Elk

36

0.20

n/a

19

Erie

559

0.48

56.15

35

Fayette

93

0.14

173.53

64

Forest

1

0.01

n/a

34

Franklin

83

0.14

730.00

42

Fulton

4

0.06

33.33

57

Greene

3

0.02

n/a

61

Huntingdon

3

0.01

50.00

28

Indiana

77

0.20

266.67

48

Jefferson

8

0.04

166.67

56

Juniata

2

0.02

n/a

17

Lackawanna

485

0.50

270.23

15

Lancaster

1,162

0.60

236.81

10

Lawrence

318

0.79

20.91

22

Lebanon

213

0.40

634.48

12

Lehigh

958

0.70

203.16

11

Luzerne

1,133

0.77

104.14

41

Lycoming

51

0.09

-68.71

52

McKean

6

0.03

500.00

9

Mercer

412

0.80

2,646.67

40

Mifflin

21

0.10

600.00

14

Monroe

480

0.62

384.85

13

Montgomery

2,079

0.67

150.18

43

Montour

4

0.05

300.00

20

Northampton

494

0.43

168.48

31

Northumberland

84

0.19

833.33

25

Perry

63

0.32

950.00

1

Philadelphia

8,694

1.32

53.58

36

Pike

47

0.12

571.43

53

Potter

3

0.02

200.00

24

Schuylkill

273

0.39

155.14

63

Snyder

2

0.01

0.00

58

Somerset

6

0.02

50.00

66

Sullivan

0

0.00

-100.00

44

Susquehanna

11

0.05

266.67

49

Tioga

7

0.03

600.00

55

Union

3

0.02

n/a

54

Venango

6

0.02

20.00

50

Warren

7

0.03

75.00

6

Washington

838

0.91

530.08

32

Wayne

58

0.18

2,800.00

7

Westmoreland

1,389

0.84

80.39

59

Wyoming

2

0.02

100.00

5

York

1,631

0.95

368.68

 

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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