PHILADELPHIA AREA FORECLOSURES DECREASE 14 PERCENT ACCORDING TO REALTYTRAC™ MARCH U.S. FORECLOSURE MARKET REPORT
Area’s Foreclosure Rate Still Second Highest Among Nation’s Top Five Metros. Pennsylvania Foreclosures Down From Previous Month But Up From Year Ago.
Irvine, Calif. – April 18, 2006 – Philadelphia area foreclosures decreased 14 percent in March, the second straight month the region has reported fewer new foreclosures, according to the RealtyTrac™ March 2006 U.S. Foreclosure Market Report. The 10-county metropolitan area reported 2,402 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 867 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“Philadelphia foreclosures decreased at about the same pace as national foreclosures in March, while other major metro areas such as Chicago, Los Angeles and New York reported increasing foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “While those cities continue to document lower foreclosure rates than Philadelphia, the gap has narrowed.”
Despite the two months of decreasing foreclosures, Philadelphia’s foreclosure rate was still 1.3 times the national average in March. And among the nation’s five largest metropolitan areas, only Dallas-Fort Worth documented a higher foreclosure rate than Philadelphia.
Philadelphia County recorded the most new foreclosures of any county in the metropolitan area, with 1,102 properties entering some stage of foreclosure in March — a 27 percent decrease from the previous month. The county’s foreclosure rate of one new foreclosure for every 601 households was nearly twice the national average.
With one new foreclosure for every 349 households, the foreclosure rate in Camden County, N.J. was more than three times the national average and the highest foreclosure rate in the Philadelphia metropolitan area. The county reported 572 properties entering some stage of foreclosure in March, a 46 percent increase from the previous month.
With 222 properties entering some stage of foreclosure in March, Burlington County, N.J. documented a 25 percent increase in foreclosures and a foreclosure rate of one new foreclosure for every 727 households — 1.6 times the national average.
Most of the other counties in the Philadelphia metropolitan area documented fewer new foreclosures and foreclosure rates below the national average in March. Montgomery County, Pa. reported 157 new foreclosures, a decrease of 14 percent, and Bucks County, Pa. reported 126 new foreclosures, a decrease of 5 percent.
Pennsylvania reported 3,683 properties entering some stage of foreclosure in March, a 16 percent decrease from the previous month but a 97 percent increase from March 2005. The state’s foreclosure rate of one new foreclosure for every 1,426 households was below the national average.
Nationwide a total of 101,597 properties entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent year-over-year increase from March 2005. The U.S. documented a March foreclosure rate of one new foreclosure for every 1,138 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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|Cecil County, NJ||0||0||0||0||1||1||34,461||—|
|Burlington County, NJ||158||52||0||0||12||222||727||25|
|Camden County, NJ||457||52||0||0||63||572||349||46|
|Gloucester County, NJ||77||24||0||0||7||108||880||-8|
|Salem County, NJ||15||11||0||0||5||31||844||-21|
|Bucks County, PA||71||47||0||0||8||126||1,790||-5|
|Chester County, PA||2||39||0||0||8||49||3,341||-8|
|Delaware County, PA||7||13||0||0||14||34||6,382||-82|
|Montgomery County, PA||142||9||0||0||6||157||1,894||-14|
|Philadelphia County, PA||518||457||0||0||127||1,102||601||-27|
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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations