PHILADELPHIA FORECLOSURE RATES AMONG NATION’S HIGHEST ACCORDING TO REALTYTRAC™ MAY U.S. FORECLOSURE MARKET REPORT™
City Has Second-Highest Foreclosure Rate Among Nation’s Top Five Metro Areas For Second Consecutive Month Despite 46 Percent Tumble in New Foreclosures
Irvine, Calif. – June 22, 2005 – New foreclosures in Philadelphia fell 46 percent, but the city’s foreclosure rate ranked second highest among the nation’s top-five metropolitan areas for the second consecutive month with one property in foreclosure for every 938 households, according to the RealtyTrac™ May 2005 Monthly U.S. Foreclosure Market Report™. Only Chicago had a higher foreclosure rate among the top five metropolitan areas. New York, Los Angeles and Dallas-Fort Worth all had lower foreclosure rates.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in more than 1,900 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
“Philadelphia’s decline in foreclosures outpaced both the state and national declines, but its overall foreclosure rate still ranks high in comparison to other major metropolitan areas,” said James J. Saccacio, chief executive officer of RealtyTrac.
Philadelphia’s foreclosure was about two times the national average and 2.8 times the state average. In April, the city’s foreclosure rate was more than three times national and state averages.
Camden County, N.J., also part of the Philadelphia metropolitan area, produced similar numbers with one foreclosure for every 915 households. This was only 1.3 times the state average thanks to higher foreclosure rates in New Jersey.
Other surrounding counties in Pennsylvania experienced noticeably lower foreclosure rates. The rates in Bucks, Montgomery and Chester counties hovered just below the national average and slightly above the state average. With just 13 new foreclosures recorded, Delaware County’s rate was far below state and national averages.
Pennsylvania experienced a 30 percent drop in foreclosures statewide. The state’s foreclosure rate dipped below the national average after being exactly at the nation’s foreclosure rate in April.
Nationwide, the number of new properties in foreclosure decreased 2.5 percent in May, with 62,432 compared to 64,057 in April. May’s foreclosure statistics closely mirrored those in March, reversing a slight increase in April and indicating continued stability in the national real estate market.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 5/2005||0||2||0||0||17||19||25.49|
|New Hampshire 5/2005||0||1||0||0||5||6||4.90|
|New Jersey 5/2005||1954||773||0||0||105||2832||86.27|
|New Mexico 5/2005||1032||306||0||0||71||1409||100.00|
|New York 5/2005||0||0||453||2660||181||3294||61.76|
|North Carolina 5/2005||7||30||0||0||983||1020||49.02|
|North Dakota 5/2005||0||1||0||0||13||14||15.69|
|Rhode Island 5/2005||1||2||0||0||0||3||1.96|
|South Carolina 5/2005||27||8||0||0||486||521||50.98|
|South Dakota 5/2005||0||0||0||0||5||5||8.82|
|West Virginia 5/2005||0||5||0||0||13||18||12.75|
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 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations