PHILADELPHIA FORECLOSURE RATES STABLE DESPITE INCREASE STATEWIDE ACCORDING TO REALTYTRAC™ AUGUST U.S. FORECLOSURE MARKET REPORT
Pennsylvania Foreclosures Rise 17 Percent; Bucks and Delaware Counties Report Increases while Montgomery and Chester County Foreclosures Decrease
Irvine, Calif. – October 3, 2005 – Philadelphia maintained the third-highest foreclosure rate among the nation’s five largest metropolitan areas, and the city’s foreclosures increased almost imperceptibly after three consecutive months of decreases, according to the RealtyTrac™ August 2005 Monthly U.S. Foreclosure Market Report.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Philadelphia County reported 555 properties entering some stage of foreclosure in August — only two more than were reported the previous month. With one foreclosure for every 1,193 households, the city had the median foreclosure rate among the top five metro areas for the second month in a row. Chicago and Dallas-Fort Worth registered higher foreclosure rates than Philadelphia; New York and Los Angeles registered lower foreclosure rates.
“The August numbers indicate that Philadelphia foreclosures may be close to bottoming out,” said James J. Saccacio, RealtyTrac chief executive officer. “We’ll know for sure in the next few months whether that’s the case.”
While Philadelphia foreclosures remained virtually static, Pennsylvania reported a 17 percent increase in the number of foreclosure properties in August. But with one foreclosure for every 2,068 households, the state’s foreclosure rate is still well below Philadelphia’s foreclosure rate.
Foreclosures also increased in the Pennsylvania counties of Bucks and Delaware. Bucks County reported 81 foreclosure properties, a 9.5 percent increase from the previous month. But the county maintained a foreclosure rate below state and national averages, with one foreclosure for every 2,784 households. Delaware County recorded the highest foreclosure rate in the metropolitan area — one foreclosure for every 494 households — thanks to a 107 percent increase in the number of foreclosures reported. The county’s foreclosure rate was more than three times the national average and more than four times the state average.
Montgomery and Chester counties continued to document foreclosure rates below state and national averages, and the number of foreclosures reported decreased in both counties. Montgomery reported 102 foreclosures in August — an 11 percent decrease. Chester County foreclosures declined 39 percent, with only 40 foreclosures reported.
Camden County, N.J. reported 120 foreclosure properties — a 43 percent drop. With one foreclosure for every 1,664 households, the county’s foreclosure rate fell below the national average, although it was 1.3 times the New Jersey state average.
Foreclosures nationwide dropped 4.3 percent in August after two consecutive months of increases. Still, August’s foreclosure numbers were higher than any other month except for July. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on — one for every 1,530 households.
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 8/2005||0||0||0||0||12||12||17.65|
|New Hampshire 8/2005||1||0||0||0||22||23||15.69|
|New Jersey 8/2005||613||794||0||0||131||1538||60.78|
|New Mexico 8/2005||878||4||0||0||46||928||90.20|
|New York 8/2005||0||0||606||2683||135||3424||58.82|
|North Carolina 8/2005||130||81||0||0||898||1109||50.98|
|North Dakota 8/2005||0||1||0||0||4||5||7.84|
|Rhode Island 8/2005||0||1||0||0||0||1||1.96|
|South Carolina 8/2005||41||12||0||0||305||358||45.10|
|South Dakota 8/2005||1||15||0||0||4||20||25.49|
|West Virginia 8/2005||0||71||0||0||3||74||29.41|
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 MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations