PHILADELPHIA FORECLOSURE RATES STABLE DESPITE INCREASE STATEWIDE

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:

State Name NODs NTSs NFSs LISs REOs Total %tile
US 8/2005 18629 26107 1583 11339 17941 75599
Alabama 8/2005 2 55 0 0 16 73 13.73
Alaska 8/2005 0 133 0 0 7 140 72.55
Arizona 8/2005 520 2271 0 0 122 2913 94.12
Arkansas 8/2005 20 879 0 0 69 968 76.47
California 8/2005 4174 510 0 0 126 4810 56.86
Colorado 8/2005 1349 132 0 0 925 2406 92.16
Connecticut 8/2005 876 3 0 0 0 879 68.63
Delaware 8/2005 6 1 0 0 12 19 21.57
District of Columbia 8/2005 0 0 0 0 12 12 17.65
Florida 8/2005 0 0 977 8656 542 10175 96.08
Georgia 8/2005 9 2280 0 0 884 3173 84.31
Hawaii 8/2005 1743 26 0 0 4 1773 100.00
Idaho 8/2005 54 69 0 0 29 152 49.02
Illinois 8/2005 2724 39 0 0 1488 4251 78.43
Indiana 8/2005 910 829 0 0 1105 2844 86.27
Iowa 8/2005 14 2 0 0 0 95 27.45
Kansas 8/2005 9 5 0 0 23 37 11.76
Kentucky 8/2005 109 4 0 0 43 156 31.37
Louisiana 8/2005 48 69 0 0 57 174 33.33
Maine 8/2005 4 0 0 0 0 4 3.92
Maryland 8/2005 8 338 0 0 336 682 52.94
Massachusetts 8/2005 33 289 0 0 2 324 39.22
Michigan 8/2005 2314 167 0 0 1642 4123 82.35
Minnesota 8/2005 6 10 0 0 77 93 19.61
Mississippi 8/2005 1 19 0 0 21 41 9.80
Missouri 8/2005 36 5 0 0 630 671 47.06
Montana 8/2005 2 49 0 0 9 60 43.14
Nebraska 8/2005 56 7 0 0 18 81 37.25
Nevada 8/2005 92 420 0 0 56 568 70.59
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
Ohio 8/2005 143 1839 0 0 2588 4570 80.39
Oklahoma 8/2005 463 523 0 0 199 1185 74.51
Oregon 8/2005 164 226 0 0 80 470 54.90
Pennsylvania 8/2005 131 1541 0 0 867 2539 62.75
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
Tennessee 8/2005 10 422 0 0 1048 1480 66.67
Texas 8/2005 16 10676 0 0 2761 13453 98.04
Utah 8/2005 605 9 0 0 286 900 88.24
Vermont 8/2005 1 1 0 0 0 3 5.88
Virginia 8/2005 0 266 0 0 43 309 35.29
Washington 8/2005 32 1005 0 0 148 1185 64.71
West Virginia 8/2005 0 71 0 0 3 74 29.41
Wisconsin 8/2005 278 8 0 0 27 313 41.18
Wyoming 8/2005 1 1 0 0 11 13 23.53

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.

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

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