PHILADELPHIA AREA FORECLOSURES INCREASE MORE THAN 15 PERCENT IN AUGUST

Philadelphia Foreclosure Rate Still Below National Average
Pennsylvania Foreclosures Flat

IRVINE, Calif. – Sept. 24, 2006 – Philadelphia foreclosure filings increased more than 15 percent in August, but bigger increases in other areas helped keep the city’s foreclosure rate below the national average and fourth lowest among the nation’s 10 largest metro areas, according to the August 2006 RealtyTrac™ U.S. Foreclosure Market Report.

The five-county Philadelphia metropolitan area recorded 1,281 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,222 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.

“Despite the increase in foreclosure filings, Philadelphia’s low foreclosure rate is consistent with other regional economic indicators, which point to a fundamentally sound housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “For instance, home price appreciation in the area actually accelerated in the second quarter, bucking the national trend. Additionally, Pennsylvania as a whole documented its highest job growth rate in more than five years in the first quarter.”

Philadelphia’s foreclosure rate was lower than the foreclosure rates in Dallas, Atlanta, Riverside, Calif., Houston, Chicago and Phoenix, but higher than the foreclosure rates in Los Angeles, New York and Washington.

Philadelphia County accounted for the majority of the foreclosure filings in the metro area, with 785 properties entering some stage of foreclosure — an increase of more than 25 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 843 households registered slightly above the national average and was the highest foreclosure rate in the metro area.

Chester County documented the lowest foreclosure rate in the metro area, with one new foreclosure filing for every 2,558 households. The county reported 64 properties entering some stage of foreclosure during the month.

The rest of the counties in the region documented foreclosure rates below the national average. Montgomery County reported 188 properties entering some stage of foreclosure, one new foreclosure filing for every 1,582 households; Bucks County reported 131 properties entering some stage of foreclosure, one new foreclosure filing for every 1,721 households; and Delaware County reported 113 properties entering some stage of foreclosure, one new foreclosure filing for every 1,920 households.

Pennsylvania reported 2,986 properties entering some stage of foreclosure, just 11 more than the previous month but an increase of nearly 18 percent from August 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,758 households stayed below the national average.

U.S. foreclosure activity increased 24 percent in August, with 115,292 properties entering some stage of foreclosure during the month — the second highest number reported in any month year to date and one new foreclosure filing for every 1,003 households.

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 re-purchased by a bank).

Philadelphia Area Foreclosure Market Statistics by County – Aug 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

US

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Pennsylvania

575

2,066

0

0

345

2,986

1,758

0.570

Philadelphia MSAD*

283

986

0

0

12

1,281

1,222

0.821

Bucks County

32

99

0

0

0

131

1,721

0.583

Chester County

21

43

0

0

0

64

2,558

0.392

Delaware County

6

102

0

0

5

113

1,920

0.522

Montgomery County

42

140

0

0

6

188

1,582

0.634

Philadelphia County

182

602

0

0

1

785

843

1.189

*The counties included in the Philadelphia Metropolitan Statistical Area Division have changed from RealtyTrac’s previous press releases and now match the most recent metropolitan designations assigned by the U.S. Office of Management and Budget.

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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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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