PENNSYLVANIA FORECLOSURES INCREASE 1 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Down 11 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – Pennsylvania documented 3,746 new foreclosure filings in January, a 1 percent increase from the previous month, but an 11 percent decrease from January 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

“Though Pennsylvania has seen continued job growth, the pace of that growth has slowed and the state’s unemployment rate remains elevated,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition, financial pressures are being realized by borrowers with adjustable rate mortgages as mortgage interest rates and payments migrate to higher levels.”

 

Pennsylvania ranked 12th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 1,402 households ranked 20th among the 50 states.

 

Two counties account for more than half of the state’s foreclosure activity

Two counties accounted for 51 percent of Pennsylvania’s foreclosure activity in January. Philadelphia County documented the largest share of the state’s foreclosure activity, with 1,152 properties entering some stage of the foreclosure process during the month. Allegheny County documented the second largest share of foreclosure activity, with 756 properties in some stage of the foreclosure process. Berks County posted the state’s third largest share of foreclosure activity, with 276 properties entering the foreclosure pipeline.

 

Berks County leads state in foreclosure rate

Berks County reported the highest foreclosure rate in Pennsylvania for January, with one new foreclosure filing for every 544 households — 2.6 times the state average and 1.6 times the national average. Philadelphia County registered the second highest rate, with one new foreclosure filing for every 575 households — 2.4 times the state average and 1.5 times the national average. Luzerne County posted the third highest foreclosure rate, with one new foreclosure filing for every 734 households — 1.9 times the state average and 1.2 times the national average.

 

State makes significant contribution to national total

Pennsylvania’s foreclosure activity accounted for 3 percent of the 130,511 properties entering some stage of foreclosure nationwide in January. The national total represents a 19 percent increase in activity from the 109,652 foreclosure filings reported in December. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Pennsylvania

1,300

2,274

0

0

172

3,746

1,402

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

1

0

0

0

1

35,831

0.02

0.04

Allegheny

341

415

0

0

0

756

772

1.15

1.82

Armstrong

1

8

0

0

0

9

3,599

0.25

0.39

Beaver

1

4

0

0

10

15

5,184

0.17

0.27

Bedford

0

1

0

0

0

1

23,529

0.04

0.06

Berks

48

228

0

0

0

276

544

1.63

2.58

Blair

1

5

0

0

0

6

9,177

0.10

0.15

Bradford

0

0

0

0

0

0

n/a

0.00

0.00

Bucks

81

65

0

0

0

146

1,545

0.57

0.91

Butler

0

1

0

0

0

1

69,868

0.01

0.02

Cambria

0

1

0

0

0

1

65,796

0.01

0.02

Carbon

15

0

0

0

0

15

2,033

0.44

0.69

Centre

0

3

0

0

8

11

4,833

0.18

0.29

Chester

31

3

0

0

0

34

4,816

0.18

0.29

Clearfield

0

1

0

0

0

1

37,855

0.02

0.04

Clinton

2

1

0

0

0

3

6,055

0.15

0.23

Columbia

0

3

0

0

1

4

6,933

0.13

0.20

Crawford

0

4

0

0

1

5

8,483

0.10

0.17

Cumberland

3

3

0

0

0

6

14,492

0.06

0.10

Dauphin

3

5

0

0

15

23

4,832

0.18

0.29

Delaware

13

186

0

0

0

199

1,090

0.81

1.29

Elk

0

1

0

0

0

1

18,115

0.05

0.08

Erie

14

5

0

0

13

32

3,573

0.25

0.39

Fayette

0

6

0

0

2

8

8,311

0.11

0.17

Franklin

2

1

0

0

0

3

17,934

0.05

0.08

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

4

0

0

0

4

9,313

0.10

0.15

Juniata

0

0

0

0

0

0

n/a

0.00

0.00

Lackawanna

0

82

0

0

0

82

1,163

0.76

1.21

Lancaster

3

6

0

0

35

44

4,091

0.22

0.34

Lawrence

1

6

0

0

30

37

1,071

0.83

1.31

Lebanon

0

61

0

0

0

61

809

1.10

1.73

Lehigh

2

5

0

0

3

10

12,891

0.07

0.11

Luzerne

9

188

0

0

0

197

734

1.21

1.91

Lycoming

3

1

0

0

16

20

2,623

0.34

0.53

McKean

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

4

0

0

0

4

12,465

0.07

0.11

Mifflin

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

2

2

0

0

0

4

16,895

0.05

0.08

Montgomery

100

113

0

0

0

213

1,396

0.63

1.00

Northampton

1

2

0

0

1

4

26,678

0.03

0.05

Northumberland

0

1

0

0

0

1

43,164

0.02

0.03

Perry

1

2

0

0

0

3

6,314

0.14

0.22

Philadelphia

548

604

0

0

0

1,152

575

1.54

2.44

Pike

1

1

0

0

0

2

17,341

0.05

0.08

Potter

1

0

0

0

0

1

12,159

0.07

0.12

Schuylkill

2

1

0

0

0

3

22,602

0.04

0.06

Snyder

0

0

0

0

0

0

n/a

0.00

0.00

Somerset

0

1

0

0

0

1

37,163

0.02

0.04

Susquehanna

1

0

0

0

0

1

21,829

0.04

0.06

Tioga

0

2

0

0

0

2

9,947

0.09

0.14

Union

0

1

0

0

0

1

14,684

0.06

0.10

Venango

0

1

0

0

0

1

26,904

0.03

0.05

Warren

1

0

0

0

0

1

23,058

0.04

0.06

Washington

1

3

0

0

16

20

4,363

0.20

0.32

Wayne

0

3

0

0

0

3

10,198

0.09

0.14

Westmoreland

7

122

0

0

21

150

1,074

0.83

1.31

Wyoming

0

0

0

0

0

0

n/a

0.00

0.00

York

60

107

0

0

0

167

938

0.94

1.49

 

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 construction properties, 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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