PHILADELPHIA FORECLOSURES DECREASE ANOTHER 18 PERCENT ACCORDING TO REALTYTRAC™ SEPTEMBER U.S. FORECLOSURE MARKET REPORT
Montgomery and Delaware County Foreclosures Also Drop; Pennsylvania Foreclosures Down Six Percent
Irvine, Calif. – October 25, 2005 – Philadelphia reported 455 properties entering some stage of foreclosure in September, an 18 percent decline and one foreclosure for every 1,455 households, according to the RealtyTrac™ September 2005 Monthly U.S. Foreclosure Market Report. Except for a small increase in August, Philadelphia foreclosures have been trending downward since April, when 1,317 properties entered foreclosure.
RealtyTrac (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.
Despite the drop in foreclosures, the city’s foreclosure rate ranked third-highest among the nation’s five largest metropolitan areas for the third 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 continuing downward trend in Philadelphia foreclosures may indicate a strengthening of the region’s real estate market,” said James J. Saccacio, RealtyTrac chief executive officer. “The only top metropolitan areas with lower foreclosure rates than Philadelphia are New York and Los Angeles, both of which are generally regarded as having the most vibrant real estate markets in the country.”
Philadelphia’s foreclosure rate was 1.5 times the foreclosure rate statewide, where 2,379 properties entered some stage of foreclosure — a 6.3 percent decrease and one foreclosure for every 2,207 households. Nationwide, a total of 68,646 properties entered some stage of foreclosure in September, a 9.2 percent slide from the previous month and one foreclosure for every 1,685 households.
Foreclosures also decreased in nearby Montgomery and Delaware counties. Montgomery County reported only 42 properties entering some stage of foreclosure, a 59 percent decrease from the previous month. Delaware County foreclosures dropped by 28 percent, with 314 properties entering some stage of foreclosure, but the county’s foreclosure rate was more than two times the national average and more than three times the state average.
Bucks and Chester counties both documented foreclosure rates below state and national averages despite more properties entering some stage of foreclosure in September. Bucks County reported 84 foreclosures, a 3.7 percent increase. Chester County foreclosures rose 68 percent, with 67 properties entering foreclosure.
In Camden County, N.J., 323 properties entered some stage of foreclosure, more than twice as many as the previous month. With one foreclosure for every 618 households, the county’s foreclosure rate was 2.7 times the national average and 2.2 times the New Jersey state average of one foreclosure for every 1,345 households. New Jersey foreclosures soared 60 percent in September, with a total of 2,461 foreclosures reported.
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:
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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