PENNSYLVANIA FORECLOSURE ACTIVITY UP 43 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 22 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Pennsylvania reported 2,415 properties with foreclosure filings in February, a 43 percent increase from the previous month, and a 22 percent increase from February 2007, 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 February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although currently close to the national average, the state’s unemployment rate has been rising during the past year. This may be contributing to the overall increase.”

 

Pennsylvania ranked 20th in the country in total properties with foreclosure filings reported in February. One in every 2,245 Pennsylvania households received a foreclosure filing in February, ranking the state 34th among the 50 states.

 

Five counties account for largest share of state total

Five counties accounted for 65 percent of all properties with foreclosure filings in Pennsylvania for February. Philadelphia County held the highest foreclosure total in Pennsylvania in February, reporting 675 properties with foreclosure filings. Allegheny County was second, reporting 457 properties with foreclosure filings for the month, followed by Montgomery County with 178 properties with foreclosure filings. Luzerne County came in fourth, reporting 132 properties with foreclosure filings, followed by Delaware County with 121 properties with foreclosure filings.

 

Philadelphia County posts highest foreclosure rate

Philadelphia County reported the highest foreclosure rate in the state for February, one in every 977 households receiving a foreclosure filing — 2.3 times the state average. Monroe County posted the second highest foreclosure rate, one in every 1,051 households receiving a foreclosure filing — 2.1 times the state average. Luzerne County registered the third highest foreclosure rate, one in every 1,113 households receiving a foreclosure filing — twice the state average. Beaver County registered the fourth highest foreclosure rate, one in every 1,131 households receiving a foreclosure filing — twice the state average.

 

State contributes 1 percent to nation’s monthly total

Total foreclosure filings in Pennsylvania accounted for 1 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Pennsylvania

0

17

1,437

197

764

2,415

2,245

0.25

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

0

1

38,693

0.01

0.06

Allegheny

0

3

267

127

60

457

1,292

0.43

1.74

Armstrong

0

0

0

0

0

0

 n/a

0.00

0.00

Beaver

0

1

36

1

32

70

1,131

0.49

1.98

Bedford

0

0

0

0

0

0

 n/a

0.00

0.00

Berks

0

0

78

0

1

79

2,005

0.28

1.12

Blair

0

0

1

0

0

1

56,101

0.01

0.04

Bradford

0

1

0

0

0

1

29,274

0.02

0.08

Bucks

0

1

83

1

1

86

2,762

0.20

0.81

Butler

0

0

43

0

0

43

1,742

0.32

1.29

Cambria

0

0

0

0

0

0

 n/a

0.00

0.00

Cameron

0

0

0

0

0

0

 n/a

0.00

0.00

Carbon

0

0

0

1

0

1

31,933

0.02

0.07

Centre

0

0

0

0

4

4

14,239

0.04

0.16

Chester

0

0

47

2

38

87

2,055

0.27

1.09

Clarion

0

0

0

0

0

0

 n/a

0.00

0.00

Clearfield

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

0

0

0

0

0

 n/a

0.00

0.00

Columbia

0

0

0

0

0

0

 n/a

0.00

0.00

Crawford

0

0

0

0

0

0

 n/a

0.00

0.00

Cumberland

0

0

43

1

2

46

2,007

0.28

1.12

Dauphin

0

0

3

1

18

22

5,225

0.11

0.43

Delaware

0

0

113

4

4

121

1,819

0.31

1.23

Elk

0

0

0

0

0

0

 n/a

0.00

0.00

Erie

0

0

6

2

47

55

2,126

0.26

1.06

Fayette

0

0

2

0

0

2

33,624

0.02

0.07

Forest

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

1

0

1

57,988

0.01

0.04

Fulton

0

0

0

2

0

2

3,586

0.16

0.63

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

0

0

2

2

19,126

0.03

0.12

Jefferson

0

0

0

1

0

1

22,774

0.02

0.10

Juniata

0

0

0

0

0

0

 n/a

0.00

0.00

Lackawanna

0

0

66

1

1

68

1,422

0.39

1.58

Lancaster

0

0

1

1

48

50

3,815

0.15

0.59

Lawrence

0

0

2

0

11

13

3,105

0.18

0.72

Lebanon

0

0

0

1

0

1

52,299

0.01

0.04

Lehigh

0

0

34

2

0

36

3,755

0.15

0.60

Luzerne

0

3

100

4

25

132

1,113

0.50

2.02

Lycoming

0

0

3

0

0

3

17,865

0.03

0.13

McKean

0

0

0

0

0

0

 n/a

0.00

0.00

Mercer

0

2

5

1

0

8

6,413

0.09

0.35

Mifflin

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

1

2

4

65

72

1,051

0.53

2.14

Montgomery

0

0

119

4

55

178

1,734

0.32

1.29

Montour

0

0

0

0

0

0

 n/a

0.00

0.00

Northampton

0

0

2

0

6

8

14,266

0.04

0.16

Northumberland

0

0

1

0

0

1

43,718

0.01

0.05

Perry

0

0

0

0

10

10

1,961

0.28

1.14

Philadelphia

0

1

369

27

278

675

977

0.57

2.30

Pike

0

1

0

1

0

2

19,112

0.03

0.12

Potter

0

0

0

0

0

0

 n/a

0.00

0.00

Schuylkill

0

1

1

1

3

6

11,529

0.05

0.19

Snyder

0

0

0

0

0

0

 n/a

0.00

0.00

Somerset

0

0

0

1

0

1

38,003

0.01

0.06

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

1

0

1

20,590

0.03

0.11

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Venango

0

0

0

0

2

2

13,643

0.04

0.16

Warren

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

1

2

1

10

14

6,502

0.09

0.35

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Westmoreland

0

0

4

2

41

47

3,511

0.16

0.64

Wyoming

0

0

0

0

0

0

 n/a

0.00

0.00

York

0

1

3

1

0

5

33,775

0.02

0.07

               

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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