Philadelphia Foreclosure Rate Drops Below National Average
Pennsylvania Foreclosures Down Nearly 14 Percent
IRVINE, Calif. – Nov. 28, 2006 – Philadelphia’s foreclosure activity decreased nearly 23 percent in October, dropping the city’s foreclosure rate below the national average, according to the RealtyTrac™ October 2006 U.S. Metropolitan Foreclosure Market Report.
The five-county Philadelphia metropolitan area recorded 1,187 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,319 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.
“Philadelphia’s lower foreclosure numbers in October indicate that the jump we saw the previous month was probably nothing more than a one-month spike, not the beginning of an upward trend,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area’s low unemployment rate and above-average home price appreciation appear to be keeping foreclosures in check for the time being.”
Philadelphia’s foreclosure rate was lower than the rates in Dallas, Chicago and Los Angeles, but higher than the rate in New York.
With one new foreclosure filing for every 866 households, Philadelphia County was the only county in the metropolitan area to post a foreclosure rate above the national average. The county reported a total of 764 new foreclosure filings, a 24 percent decrease from the previous month but still 1.2 times the national average.
Bucks and Montgomery counties also documented decreasing foreclosure activity in October. Bucks County reported 81 properties entering some stage of foreclosure, a decrease of more than 57 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 2,784 households — the lowest foreclosure rate in the metro area. Montgomery County reported 127 properties entering some stage of foreclosure, a decrease of more than 26 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 2,342 households.
Foreclosure activity increased in Chester and Delaware counties in October. Chester County reported 89 properties entering some stage of foreclosure, an increase of more than 43 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,840 households. Delaware County reported 126 properties entering some stage of foreclosure, an increase of more than 13 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,722 households.
With 2,698 properties entering some stage of foreclosure during October, Pennsylvania foreclosure activity decreased more than 13 percent from the previous month, but was up nearly 2 percent from October 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,946 households was close to half the national average and 23rd highest among the 50 states.
A total of 115,568 properties nationwide entered some stage of foreclosure in October, an increase of nearly 3 percent from the previous month and an increase of more than 42 percent from October 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,001 households was the highest national foreclosure rate reported in any month so far this year.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Philadelphia Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 repossessed by a bank).
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. (http://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 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 http://www.realtytrac.com/.
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Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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Detailed & Historical Data:
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