Philadelphia Foreclosure Rate Inches Above National Average
Pennsylvania Foreclosures Up Nearly 10 Percent
IRVINE, Calif. – Oct. 20, 2006 – Philadelphia foreclosure activity increased 20 percent in September, pushing the city’s foreclosure rate slightly above the national average, according to the RealtyTrac™ U.S. Foreclosure Market Report.
The five-county Philadelphia metropolitan area recorded 1,537 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,019 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.
“This is the second straight month Philadelphia foreclosures have increased,” said James J. Saccacio, chief executive officer of RealtyTrac. “Slowing job growth in the second quarter may have contributed to this increase, but it’s important to keep in mind that the city’s foreclosure rate is still relatively low compared to other major metro areas.”
Philadelphia’s foreclosure rate was lower than the foreclosure rates in Dallas, Chicago and Los Angeles, but higher than the foreclosure rate in New York.
Philadelphia County reported exactly 1,000 properties entering some stage of foreclosure during the month, a 27 percent increase from the previous month and the most of any county in the metro area. The county’s foreclosure activity has risen more than 50 percent over the last two months, boosting its foreclosure rate to one new foreclosure filing for every 662 households — more than 1.5 times the national average.
The other four counties in the Philadelphia metropolitan area all documented foreclosure rates below the national average in September. With one new foreclosure filing for every 2,641 households, Chester County posted the lowest foreclosure rate in the region.
Although still below the national average, the foreclosure rate in Bucks County registered above the state average thanks in part to a 46 percent increase in foreclosure activity. The county reported 191 properties entering some stage of foreclosure during the month, a foreclosure rate of one new foreclosure filing for every 1,181 households.
Montgomery County reported 173 properties entering some stage of foreclosure, an 8 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 1,719 households — slightly below the state average.
Pennsylvania foreclosure activity increased nearly 10 percent in September, but the state’s foreclosure rate continued to register below the national average. The state reported 3,125 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 1,680 households.
A total of 112,210 properties nationwide entered some stage of foreclosure in September, a decrease of less than 1 percent from the previous month but an increase of more than 63 percent from September 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest national foreclosure rate reported 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/.
Order Customized Reports
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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