Pennsylvania Foreclosures Rise in October

Statewide filings up 1 percent from September

 

Pennsylvania reported 5,545 properties with foreclosure filings in October, up 1 percent from the previous month and 38 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 988 Pennsylvania housing units received a foreclosure filing in October, the 34th highest foreclosure rate in the nation.

 

“Pennsylvania saw a slight increase in foreclosure activity in October, keeping the level of activity far above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remained high within the state at 8.8 percent, putting pressure on out-of-work homeowners trying to hold onto their homes through the holidays.”

 

York County posts state’s top foreclosure rate in October

York County posted the highest county foreclosure rate in the state for October, with one in every 370 housing units receiving a foreclosure filing — 2.7 times the state average. Philadelphia County ranked second, reporting one in every 422 housing units receiving a foreclosure filing — 2.3 times the state average. Berks County had the third highest rate, with one in every 508 housing units receiving a foreclosure filing — 1.9 times the state average. Lawrence County posted the fourth highest foreclosure rate, where one in every 603 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

Philadelphia County tops state in foreclosure totals during October

Philadelphia County led all counties, totaling 1,567 properties with foreclosure filings for the month. Allegheny County was second highest, documenting 643 properties with foreclosure filings. York County was third highest total in Pennsylvania, reporting 470 properties with foreclosure filings for the month. Montgomery County came in fourth, reporting 351 properties with foreclosure filings, while the fifth highest total was in Berks County, where 315 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Pennsylvania accounted for 2 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Pennsylvania

0

1,798

0

2,532

1,215

5,545

988

0.39

n/a

 

 

 

 

 

 

 

 

 

 

York

0

150

0

266

54

470

370

1.04

2.67

Philadelphia

0

512

0

774

281

1,567

422

0.91

2.34

Berks

0

160

0

104

51

315

508

0.76

1.94

Lawrence

0

0

0

43

24

67

603

0.64

1.64

Westmoreland

0

66

0

132

24

222

748

0.51

1.32

 

 

Pennsylvania Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Pennsylvania

0

1,798

0

2,532

1,215

5,545

988

0.93

38.45

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

512

0

774

281

1,567

422

6.45

129.43

Allegheny

0

221

0

246

176

643

920

-15.95

-43.40

York

0

150

0

266

54

470

370

90.28

71.53

Montgomery

0

120

0

136

95

351

894

-16.82

16.23

Berks

0

160

0

104

51

315

508

43.18

99.37

 

 

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