PENNSYLVANIA FORECLOSURE ACTIVITY UP 23 PERCENT IN SEPTEMBER

Yearly Total Up 22 Percent From September 2006

 

IRVINE, Calif. – Oct. 26, 2007 – Pennsylvania reported 3,821 foreclosure filings in September, a 23 percent increase from the previous month, and a 22 percent increase from September 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

Pennsylvania foreclosures are up both in September and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, recent statistics show that the state’s unemployment rate has dropped significantly during the past year, and that its home price appreciation rate is currently above the national average. If these trends continue, it is likely that foreclosures here may be headed downward in the near future.”

 

Pennsylvania ranked 15th in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 1,419 households ranked it 25th among the 50 states.

 

Three counties account for bulk of state’s foreclosure activity

Total foreclosure filings in three Pennsylvania counties accounted for 71 percent of the state’s activity in September. Philadelphia County reported 1,525 foreclosure filings, the most of any county for the month. Alleghany County posted the second highest foreclosure total, reporting 958 foreclosure filings for the month. York County reported the third highest foreclosure total, with 240 foreclosure filings.

 

Philadelphia County posts highest foreclosure rate

Philadelphia County tallied the highest foreclosure rate in the state for September, with one foreclosure filing for every 433 households — 3.3 times the state average. Alleghany County posted the second highest foreclosure rate, with one foreclosure filing for every 616 households — 2.3 times the state average. York County posted the third highest foreclosure rate, with one foreclosure filing for every 704 households — twice the state average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in Pennsylvania accounted for 2 percent of the 223,538 foreclosure filings nationwide in September. The national total represents an 8 percent decrease from the previous month but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                    Pennsylvania Foreclosure Market by County – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

Pennsylvania

0

23

2,284

576

938

3,821

1,419

0.39

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

2

0

0

2

19,347

0.03

0.07

Allegheny

0

0

859

7

92

958

616

0.90

2.30

Armstrong

0

0

2

0

0

2

16,469

0.03

0.08

Beaver

0

0

15

1

28

44

1,800

0.31

0.78

Bedford

0

0

0

1

0

1

24,212

0.02

0.05

Berks

0

0

120

2

2

124

1,278

0.44

1.11

Blair

0

0

1

1

1

3

18,700

0.03

0.07

Bradford

0

0

0

1

0

1

29,274

0.02

0.04

Bucks

0

1

55

2

2

60

3,959

0.14

0.35

Butler

0

0

0

0

1

1

74,909

0.01

0.01

Cambria

0

0

1

1

0

2

33,108

0.02

0.04

Cameron

0

0

0

0

0

0

n/a

0.00

0.00

Carbon

0

0

2

0

0

2

15,967

0.03

0.08

Centre

0

0

0

0

29

29

1,964

0.28

0.72

Chester

0

0

34

1

12

47

3,804

0.15

0.37

Clarion

0

0

0

0

0

0

n/a

0.00

0.00

Clearfield

0

0

2

0

0

2

19,321

0.03

0.07

Clinton

0

0

0

0

2

2

9,377

0.06

0.15

Columbia

0

0

0

1

0

1

28,701

0.02

0.04

Crawford

0

0

0

0

0

0

n/a

0.00

0.00

Cumberland

0

0

2

1

0

3

30,776

0.02

0.04

Dauphin

0

0

8

1

9

18

6,386

0.09

0.22

Delaware

0

0

106

5

35

146

1,508

0.37

0.94

Elk

0

0

0

0

0

0

n/a

0.00

0.00

Erie

0

0

3

1

13

17

6,878

0.08

0.20

Fayette

0

0

7

0

0

7

9,607

0.06

0.14

Forest

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

0

0

0

0

n/a

0.00

0.00

Fulton

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

0

0

0

0

n/a

0.00

0.00

Huntingdon

0

0

0

0

0

0

n/a

0.00

0.00

Indiana

0

0

1

0

1

2

19,126

0.03

0.07

Jefferson

0

0

0

0

0

0

n/a

0.00

0.00

Juniata

0

0

0

0

0

0

n/a

0.00

0.00

Lackawanna

0

0

4

0

0

4

24,179

0.02

0.05

Lancaster

0

1

0

0

39

40

4,769

0.12

0.29

Lawrence

0

1

1

1

14

17

2,375

0.23

0.59

Lebanon

0

0

39

0

1

40

1,307

0.43

1.08

Lehigh

0

0

3

5

0

8

16,899

0.03

0.08

Luzerne

0

0

8

1

13

22

6,678

0.08

0.21

Lycoming

0

0

0

0

22

22

2,436

0.23

0.58

McKean

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

0

2

0

2

4

12,826

0.04

0.11

Mifflin

0

0

0

1

0

1

21,192

0.03

0.06

Monroe

0

0

9

1

25

35

2,161

0.26

0.65

Montgomery

0

0

79

0

45

124

2,490

0.22

0.57

Montour

0

0

0

0

0

0

n/a

0.00

0.00

Northampton

0

0

2

0

24

26

4,389

0.13

0.32

Northumberland

0

0

0

1

1

2

21,859

0.03

0.06

Perry

0

0

3

0

0

3

6,537

0.09

0.21

Philadelphia

0

1

497

537

490

1,525

433

1.29

3.28

Pike

0

1

0

1

0

2

19,112

0.03

0.07

Potter

0

0

0

0

0

0

n/a

0.00

0.00

Schuylkill

0

18

29

0

0

47

1,472

0.38

0.96

Snyder

0

0

0

0

0

0

n/a

0.00

0.00

Somerset

0

0

0

0

0

0

n/a

0.00

0.00

Sullivan

0

0

0

0

0

0

n/a

0.00

0.00

Susquehanna

0

0

0

0

0

0

n/a

0.00

0.00

Tioga

0

0

0

0

0

0

n/a

0.00

0.00

Union

0

0

0

0

0

0

n/a

0.00

0.00

Venango

0

0

0

0

0

0

n/a

0.00

0.00

Warren

0

0

1

0

0

1

23,371

0.02

0.06

Washington

0

0

6

0

10

16

5,689

0.10

0.24

Wayne

0

0

1

0

0

1

32,205

0.02

0.04

Westmoreland

0

0

139

2

25

166

994

0.56

1.42

Wyoming

0

0

1

0

0

1

13,181

0.04

0.10

York

0

0

240

0

0

240

704

0.79

2.01

 

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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