PENNSYLVANIA FORECLOSURES INCREASE 48 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 21 Percent From a Year Ago

 

IRVINE, Calif. – April 23, 2007 – Pennsylvania reported 2,921 foreclosure filings in March, a 48 percent increase from the previous month, and a 21 percent decrease from March 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 900,000 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.

 

Although Pennsylvania foreclosures increased in March, the numbers are down from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was approximately 16 percent higher than the national average in 2006. This, in addition to a low unemployment rate, is likely contributing to the overall decline.”

 

Pennsylvania ranked 17th in the country in total foreclosures for March. The state’s foreclosure rate of one foreclosure filing for every 1,797 households ranks it among the top five states.

 

Top three counties account for largest share of state total

Three counties accounted for 71 percent of all foreclosure filings in Pennsylvania for March. Philadelphia County held the highest foreclosure total for the month, with 1,416 foreclosure filings. Allegheny County came in second with 422 foreclosure filings, followed by Westmoreland County with 154 foreclosure filings.

 

Philadelphia County posts highest foreclosure rate

Philadelphia County posted the highest foreclosure rate in Pennsylvania for March, reporting one foreclosure filing for every 467 households — 3.8 times the state average and 1.7 times the national average. Luzerne County reported the second highest foreclosure rate, with one foreclosure filing for every 646 households — 2.8 times the state average and 1.2 times the national average. Westmoreland County posted the third highest foreclosure rate, with one foreclosure filing for every 1,046 households — 1.7 times the state average. 

 

State contributes 2 percent to national total

Total foreclosure filings in Pennsylvania accounted for 2 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. households 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Pennsylvania

768

1,880

0

0

273

2,921

1,797

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

n/a

0.00

0.00

Allegheny

11

375

0

0

36

422

1,383

0.56

1.30

Armstrong

0

2

0

0

0

2

16,194

0.05

0.11

Beaver

1

16

0

0

30

47

1,655

0.47

1.09

Bedford

0

0

0

0

0

0

n/a

0.00

0.00

Berks

3

5

0

0

0

8

18,778

0.04

0.10

Blair

0

1

0

0

0

1

55,061

0.01

0.03

Bucks

2

6

0

0

1

9

25,055

0.03

0.07

Butler

0

3

0

0

0

3

23,289

0.03

0.08

Cambria

2

1

0

0

0

3

21,932

0.04

0.08

Carbon

0

1

0

0

0

1

30,492

0.03

0.06

Centre

1

1

0

0

6

8

6,645

0.12

0.27

Chester

1

120

0

0

0

121

1,353

0.57

1.33

Clearfield

0

0

0

0

1

1

37,855

0.02

0.05

Columbia

0

3

0

0

0

3

9,244

0.08

0.19

Crawford

0

1

0

0

0

1

42,416

0.02

0.04

Cumberland

2

2

0

0

0

4

21,738

0.04

0.08

Dauphin

0

9

0

0

21

30

3,704

0.21

0.49

Delaware

8

112

0

0

29

149

1,456

0.53

1.23

Erie

1

2

0

0

43

46

2,485

0.31

0.72

Fayette

0

9

0

0

1

10

6,649

0.12

0.27

Forest

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

2

0

0

0

0

2

26,902

0.03

0.07

Fulton

1

0

0

0

0

1

6,790

0.11

0.26

Huntingdon

0

1

0

0

0

1

21,508

0.04

0.08

Indiana

1

3

0

0

0

4

9,313

0.08

0.19

Juniata

0

1

0

0

0

1

10,031

0.08

0.18

Lackawanna

0

1

0

0

0

1

95,362

0.01

0.02

Lancaster

1

3

0

0

33

37

4,865

0.16

0.37

Lawrence

0

2

0

0

4

6

6,606

0.12

0.27

Lebanon

0

3

0

0

0

3

16,440

0.05

0.11

Lehigh

2

1

0

0

4

7

18,416

0.04

0.10

Luzerne

4

220

0

0

0

224

646

1.20

2.78

Lycoming

0

1

0

0

27

28

1,874

0.41

0.96

McKean

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

1

0

0

0

1

49,859

0.02

0.04

Monroe

1

6

0

0

0

7

9,654

0.08

0.19

Montgomery

5

56

0

0

0

61

4,876

0.16

0.37

Northampton

3

6

0

0

1

10

10,671

0.07

0.17

Northumberland

0

0

0

0

1

1

43,164

0.02

0.04

Perry

0

1

0

0

0

1

18,941

0.04

0.09

Philadelphia

709

707

0

0

0

1416

467

1.66

3.84

Pike

0

2

0

0

0

2

17,341

0.04

0.10

Potter

0

0

0

0

0

0

n/a

0.00

0.00

Schuylkill

3

55

0

0

0

58

1,169

0.66

1.54

Snyder

0

2

0

0

0

2

7,445

0.10

0.24

Somerset

1

0

0

0

0

1

37,163

0.02

0.05

Sullivan

0

1

0

0

0

1

6,017

0.13

0.30

Susquehanna

1

0

0

0

0

1

21,829

0.04

0.08

Union

0

1

0

0

0

1

14,684

0.05

0.12

Warren

0

2

0

0

0

2

11,529

0.07

0.16

Washington

1

9

0

0

7

17

5,133

0.15

0.35

Wayne

0

0

0

0

0

0

n/a

0.00

0.00

Westmoreland

1

125

0

0

28

154

1,046

0.74

1.72

Wyoming

0

0

0

0

0

0

n/a

0.00

0.00

York

0

1

0

0

0

1

156,720

0.00

0.01

 

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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