Pennsylvania Foreclosures Rise Again in August

Foreclosure activity in Pennsylvania rose 8 percent in August to 5,766 properties with foreclosure filings, up 17 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity rose again in Pennsylvania in August as the state’s seasonally adjusted unemployment rate ticked upward to 8.6 percent,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

One in every 950 Pennsylvania housing units received a foreclosure filing in August, the 28th highest foreclosure rate in the nation.

 

Philadelphia County posts state’s top foreclosure rate in August

Philadelphia County posted the highest county foreclosure rate in the state for August, with one in every 336 housing units receiving a foreclosure filing — 2.8 times the state average.  Berks County had the second highest foreclosure rate, with one in every 547 housing units receiving a foreclosure filing during the month — 1.7 times the state average. Lehigh County posted the third highest foreclosure rate, where one in every 557 housing units received a foreclosure filing — 1.7 times the state average.

 

Philadelphia County reports highest activity for August

Philadelphia County also tallied the highest activity level, tallying 1,967 properties with foreclosure filings for the month. Allegheny County had the second highest total of foreclosure filings, documenting 571 properties with foreclosure filings. York County reported the third highest total in Pennsylvania, reporting 301 properties with foreclosure filings for the month. Berks County was fourth highest, reporting 293 properties with foreclosure filings, while the fifth highest total was in Montgomery County, where 283 properties with foreclosure filings were reported for the month.

 

State a contributor to the nation’s foreclosure activity in August

Pennsylvania accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice 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 filed against a property during the month — which is extremely rare — 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Pennsylvania

1

1,794

0

2,189

1,782

5,766

950

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

560

0

642

765

1,967

336

1.06

2.83

Berks

0

125

0

78

90

293

547

0.65

1.74

Lehigh

0

84

0

109

54

247

557

0.64

1.70

York

0

132

0

105

64

301

578

0.62

1.64

Mercer

0

0

0

53

31

84

613

0.58

1.55

 

 

Pennsylvania Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Pennsylvania

1

1,794

0

2,189

1,782

5,766

950

8.47

17.17

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

560

0

642

765

1,967

336

13.83

22.78

Allegheny

0

162

0

259

150

571

1036

6.33

-10.22

York

0

132

0

105

64

301

578

142.74

2.38

Berks

0

125

0

78

90

293

547

23.11

3.53

Montgomery

0

121

0

12

150

283

1108

-48.17

-15.77

 

 

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