Pennsylvania Foreclosure Activity Up in January

Statewide filings up 6 percent from December; Up 38 percent from a year ago

 

Foreclosure activity in Pennsylvania increased in January to 5,083 properties with foreclosure filings, a 6 percent increase from December 2009 and up 38 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Pennsylvania foreclosures were up slightly in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 18 percent for the month. Although unemployment throughout the state is still lower than the national average, it did rise in December. This, in addition to the overall condition of the housing market, is contributing to the increase.”

 

Pennsylvania ranked 13th in the country in total foreclosures reported for the month. With one in every 1,081 housing units receiving a foreclosure filing, its foreclosure rate ranked 34th among the 50 states.

 

York County posts top foreclosure rate in the state for January

York County posted the state’s highest county foreclosure rate in January, with one in every 527 housing units receiving a foreclosure filing — twice the state average. Delaware County was second, with one in every 586 housing units receiving a foreclosure filing — 1.9 times the state average. Luzerne County came in third highest, with one in every 653 housing units receiving a foreclosure filing — 1.7 times the state average. Philadelphia County posted the fourth highest foreclosure rate, where one in every 683 housing units received a foreclosure filing during the month — 1.6 times the state average. Allegheny County documented the fifth highest foreclosure rate, where one in every 688 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

Philadelphia County dominates state in total foreclosure filings for January

Philadelphia County led all counties, totaling 968 properties with foreclosure filings for the month. Allegheny County was second highest, documenting 860 properties with foreclosure filings. Reporting 377 properties with foreclosure filings for the month, Delaware County had the third highest foreclosure total. Montgomery County came in fourth highest, reporting 350 properties with foreclosure filings, followed by York County where 333 properties with foreclosure filings were reported.

 

State responsible for 2 percent of nation’s foreclosure total in January

Pennsylvania accounted for 2 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Pennsylvania

0

1,971

0

2,006

1,106

5,083

1,081

0.38

n/a

 

 

 

 

 

 

 

 

 

 

York

0

135

0

165

33

333

527

0.77

2.05

Delaware

0

209

0

138

30

377

586

0.69

1.85

Luzerne

0

0

0

198

29

227

653

0.62

1.66

Philadelphia

0

410

0

337

221

968

683

0.59

1.58

Allegheny

0

495

0

213

152

860

688

0.59

1.57

 

           

 

Pennsylvania Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Pennsylvania

0

1,971

0

2,006

1,106

5,083

1,081

5.81

38.05

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

410

0

337

221

968

683

-18.66

57.40

Allegheny

0

495

0

213

152

860

688

83.76

13.16

Delaware

0

209

0

138

30

377

586

23.20

187.79

Montgomery

0

118

0

135

97

350

901

3.55

24.11

York

0

135

0

165

33

333

527

-19.57

187.07

 

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved