PHILADELPHIA AREA FORECLOSURES DIP FOUR PERCENT

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:

State Name NODs NTSs NFSs LISs REOs Total

1 in every #households

%Change prev. month
US 2/2006 20,759 38,839 2,423 10,554 44,684 117,259 986 13
Alabama 1 58 0 0 21 80 24,543 -22
Alaska 4 56 0 0 14 74 2,773 -24
Arizona 107 1,973 0 0 83 2,163 1,012 7
Arkansas 16 589 0 0 501 1,106 1,061 -17
California 6,869 2,079 0 0 162 9,110 1,341 -3
Colorado 1,967 463 0 0 1,698 4,128 443 10
Connecticut 897 21 0 0 31 949 1,460 899
Delaware 1 7 0 0 11 19 18,056 -47
District of Columbia 0 2 0 0 5 7 39,264 0
Florida 0 0 1,421 7,850 748 10,019 729 -3
Georgia 1 5,997 0 0 3,423 9,421 329 28
Hawaii 19 36 0 0 0 55 8,373 62
Idaho 48 119 0 0 113 280 1,878 5
Illinois 1,735 108 0 0 2,726 4,569 1,070 1
Indiana 1,362 1,240 0 0 3,307 5,909 427 34
Iowa 0 12 0 0 347 359 3,433 -6
Kansas 0 24 0 0 137 161 7,006 -33
Kentucky 260 49 0 0 157 466 3,757 -24
Louisiana 1 45 0 0 52 98 19,216 -20
Maine 0 3 0 0 6 9 72,432 -59
Maryland 0 247 0 0 25 272 7,877 -53
Massachusetts 10 342 0 0 18 370 7,086 538
Michigan 27 3,219 0 0 7,097 10,343 408 121
Minnesota 8 244 0 0 121 373 5,544 87
Mississippi 0 38 0 0 58 96 13,217 41
Missouri 18 389 0 0 1,802 2,209 1,103 76
Montana 2 84 0 0 6 92 4,479 8
Nebraska 79 11 0 0 139 229 3,138 -37
Nevada 677 1,047 0 0 37 1,761 493 -2
New Hampshire 0 6 0 0 2 8 68,378 -38
New Jersey 2,456 384 0 0 438 3,278 1,010 -6
New Mexico 604 247 0 0 60 911 857 36
New York 0 0 896 2,704 995 4,595 1,671 -12
North Carolina 497 153 0 0 2,545 3,195 1,102 33
North Dakota 0 0 0 0 10 10 28,967 -71
Ohio 0 2,841 0 0 7,032 9,873 484 19
Oklahoma 356 297 0 0 993 1,646 908 -4
Oregon 158 273 0 0 306 737 1,975 5
Pennsylvania 876 1,393 0 0 2,113 4,382 1,198 5
Rhode Island 1 3 0 0 0 4 109,959 33
South Carolina 103 211 106 0 548 968 1,811 18
South Dakota 0 12 0 0 9 21 15,391 -32
Tennessee 9 1,514 0 0 3,126 4,649 527 27
Texas 109 11,023 0 0 2,484 13,616 591 -7
Utah 858 113 0 0 215 1,186 648 27
Vermont 0 1 0 0 1 2 147,191 -86
Virginia 0 226 0 0 59 285 10,127 -41
Washington 10 1,493 0 0 505 2,008 1,191 30
West Virginia 0 43 0 0 17 60 14,077 -36
Wisconsin 613 103 0 0 344 1,060 2,172 166
Wyoming 0 1 0 0 16 17 13,168 31

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.

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Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

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