PHILADELPHIA FORECLOSURES DECLINE FOR THIRD CONSECUTIVE MONTH ACCORDING TO REALTYTRAC™ JULY U.S. FORECLOSURE MARKET REPORT
Philadelphia Foreclosure Rate Drops to Third of Nation’s Five Largest Metro Areas; Pennsylvania Foreclosures Decline Slightly.
Irvine, Calif. – August 25, 2005 – New foreclosures in Philadelphia declined for the third straight month, and the city’s foreclosure rate dropped from second highest to third highest among the nation’s top-five metropolitan areas, according to the RealtyTrac™ July 2005 Monthly U.S. Foreclosure Market Report.
RealtyTrac Inc. (www.realtytrac.com) 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 553 properties entering some stage of foreclosure in July — a 7.8 percent decline that placed the city’s foreclosure rate in the middle of the pack compared to the other major metropolitan areas. Chicago and Dallas-Fort Worth registered higher foreclosure rates; New York and Los Angeles registered lower foreclosure rates.
“With foreclosures on the rise nationwide, it’s noteworthy that Philadelphia has continued to report fewer foreclosures over the past few months,” said James J. Saccacio, RealtyTrac chief executive officer.
With one foreclosure for every 1,197 households, Philadelphia’s foreclosure rate was about two times the state average and 1.2 times the national average. Pennsylvania reported a total of 2,171 properties entering some stage of foreclosure, a decrease of 11 properties from the previous month.
Most of the surrounding Pennsylvania counties reported declines in foreclosures. The only exception was Chester County, where 66 new foreclosures were recorded – an increase of just one property from the previous month. The county maintained a foreclosure rate below state and national averages with one foreclosure for every 2,481 households.
Montgomery County’s foreclosure rate dipped below the state average thanks to a 19.6 percent decline in the number of new foreclosures. The county reported one property entering some stage of foreclosure for every 2,586 households.
Bucks County reported 74 new foreclosures in July, also a 19.6 percent decline from the previous month. The county recorded one foreclosure for every 3,047 households — less than half the national average.
Although foreclosures declined 43.9 percent in Delaware County, the foreclosure rate stayed at more than two times the state average with one foreclosure for every 1,023 households.
The trend of declining foreclosures continued across the border in New Jersey, where Camden County reported 209 new foreclosures in July, a 32.1 percent decrease. Still, the county registered the highest foreclosure rate in the metropolitan area with one foreclosure for every 955 households — more than 1.5 times the national average.
New Castle County, Del. reported 26 properties entering foreclosure, an increase of seven properties from the previous month. With one foreclosure for every 7,674 households, the county’s foreclosure rate was less than one-fifth of the national average.
The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation’s foreclosure rate to one foreclosure for every 1,465 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 7/2005||0||6||0||0||17||23||13.73|
|New Hampshire 7/2005||0||12||0||0||12||24||9.80|
|New Jersey 7/2005||1274||655||0||0||63||1992||68.63|
|New Mexico 7/2005||260||133||0||0||100||493||70.59|
|New York 7/2005||0||0||1058||2018||91||3167||53.92|
|North Carolina 7/2005||24||364||0||0||1060||1448||53.92|
|North Dakota 7/2005||0||0||0||0||7||7||4.90|
|Rhode Island 7/2005||0||7||0||0||0||7||1.96|
|South Carolina 7/2005||41||179||0||0||415||635||48.04|
|South Dakota 7/2005||2||3||0||0||10||15||11.76|
|West Virginia 7/2005||0||222||0||0||27||249||39.22|
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