Pennsylvania Foreclosure Activity Up 20 Percent in 2009

Activity up 173 percent from 2007; down 3 percent from November

 

Pennsylvania ended 2009 tallying 44,732 properties with foreclosure filings, a 20 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 173 percent higher than the level reported for all of 2007.

 

Pennsylvania reported 4,804 properties with foreclosure filings, a 3 percent decrease over the previous month, but still up 17 percent from December 2008. The state’s foreclosure rate — one in every 1,140 housing units received a foreclosure filing — was 35th highest in the nation for the month.

 

“While Pennsylvania reported a minor decrease in foreclosure filings between November and December, the level of activity reported in 2009 was significantly higher than what was seen in the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Pennsylvania’s unemployment rate, though generally below the national average throughout the past year, reached high enough to force the state into borrowing extensively from the federal government to pay benefits to out-of-work residents.”

 

With one in every 122 housing units receiving a foreclosure filing, Pennsylvania’s foreclosure rate ranked 33rd highest in the nation for the year.

 

Philadelphia County posts state’s highest foreclosure rate and total for 2009

Philadelphia County posted the highest county foreclosure rate in Pennsylvania for the year, with one in every 61 housing units receiving a foreclosure filing in 2009. York County followed with the second highest foreclosure rate, reporting one in every 71 housing units receiving a foreclosure filing. Berks County came in third highest, reporting one in every 78 housing units receiving a foreclosure filing. Delaware County was fourth highest with one in every 80 housing units receiving a foreclosure filing. Bucks County had the fifth highest rate, where one in every 89 housing units receiving a foreclosure filing.

 

Philadelphia County also led state in foreclosure activity in 2009

Philadelphia County also led the state in total foreclosures, with 10,895 properties with foreclosure filings. Allegheny County had the second highest total, documenting 5,955 properties with foreclosure filings. Delaware County had the third highest total in the state, reporting 2,756 properties with foreclosure filings for the year. Montgomery County was fourth highest, reporting 2,748 properties with foreclosure filings, followed by Bucks County in fifth place, tallying 2,710 properties with foreclosure filings for all of 2009.

 

State a moderate contributor to nation’s foreclosure total in 2009

Pennsylvania accounted for 2 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Pennsylvania

43,248

1.87

54

33.74

129.08

 

 

 

 

 

 

Philadelphia

10,895

1.65

61

25.32

92.46

York

2,448

1.41

71

50.09

603.45

Berks

2,065

1.29

78

31.36

199.28

Delaware

2,756

1.25

80

26.60

382.66

Bucks

2,710

1.13

89

36.66

364.84

 

 

Pennsylvania Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Pennsylvania

43,248

1.87

54

33.74

129.08

 

 

 

 

 

 

Philadelphia

10,895

1.65

61

25.32

92.46

Allegheny

5,955

1.01

99

-13.83

131.80

Delaware

2,756

1.25

80

26.60

382.66

Montgomery

2,748

0.88

114

32.18

230.69

Bucks

2,710

1.13

89

36.66

364.84

 

 

Pennsylvania Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Pennsylvania

0

1,675

0

1,873

1,256

4,804

1,140

0.32

n/a

 

 

 

 

 

 

 

 

 

 

York

0

126

0

163

125

414

420

0.87

2.71

Philadelphia

0

507

0

464

219

1,190

555

0.66

2.05

Berks

0

136

0

43

90

269

595

0.61

1.91

Lawrence

0

0

0

37

27

64

631

0.58

1.81

Delaware

0

175

0

99

32

306

722

0.51

1.58

 

 

Pennsylvania Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Pennsylvania

0

1,675

0

1,873

1,256

4,804

1,140

-3.24

16.63

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

507

0

464

219

1,190

33

-5.71

56.99

Allegheny

0

70

0

243

155

468

1,264

-42.01

-46.33

York

0

126

0

163

125

414

79

84.00

206.67

Montgomery

0

157

0

125

56

338

235

16.55

55.76

Delaware

0

175

0

99

32

306

79

3.03

11.27

 

 

 

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