PHILADELPHIA AREA FORECLOSURES DOWN FOUR PERCENT ACCORDING TO REALTYTRAC™ FEBRUARY U.S. FORECLOSURE MARKET REPORT
Increases in Area’s Three Largest Counties Offset by Decreases Elsewhere in the Region. Pennsylvania Foreclosures Up Five Percent.
Irvine, Calif. – March 22, 2006 – Philadelphia area foreclosures dipped four percent in February, ending a two-month spike in the area’s foreclosure rate, according to the RealtyTrac™ February 2006 U.S. Foreclosure Market Report. The 10-county metropolitan area reported 2,791 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 746 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“While February’s decrease is a positive sign for the Philadelphia housing market, it doesn’t offset the steep increases the region has reported in the last few months,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area’s foreclosure rate continues to be high in comparison to other top metro areas.”
The foreclosure rate in the Philadelphia metropolitan area ranked second highest among the nation’s five largest metropolitan areas for the third month in a row. Only Dallas-Fort Worth documented a higher foreclosure rate than Philadelphia. New York, Los Angeles and Chicago all documented lower foreclosure rates than Philadelphia.
The three most populous counties in the Philadelphia region reported increasing foreclosures in February. New foreclosures in Philadelphia County inched up 2 percent from the previous month, with 1,504 properties entering some stage of foreclosure, and the county’s foreclosure rate — one new foreclosure for every 440 households — was more than two times state and national averages. Montgomery County reported 183 properties entering some stage of foreclosure, a 99 percent increase, and Bucks County reported 133 properties entering some stage of foreclosure, a 73 percent increase.
But the majority of counties in the metropolitan area reported fewer new foreclosures in February. Those counties included Chester County, where foreclosures dropped 59 percent, and Delaware County, where foreclosures dropped 35 percent. Camden County, N.J. reported 393 properties entering some stage of foreclosure, a 15 percent decrease, and Burlington County, N.J. reported 177 properties entering some stage of foreclosure, a 10 percent decrease.
Pennsylvania reported 4,382 properties entering some stage of foreclosure in February, a 5 percent increase from the previous month, but the state’s foreclosure rate of one new foreclosure for every 1,198 households remained below the national average. New Jersey’s foreclosure rate — one new foreclosure for every 1,010 households — dropped to just below the national average thanks to a 6 percent decrease in new foreclosures.
A total of 117,259 U.S. properties entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005. The nation registered a foreclosure rate of one new foreclosure for every 986 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||0||2||0||0||5||7||39,264||0|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations