PHILADELPHIA AREA FORECLOSURES DECREASE 22 PERCENT ACCORDING TO REALTYTRAC™ APRIL U.S. FORECLOSURE MARKET REPORT
Bucks, Montgomery and Camden County Foreclosure Rates Drop
Pennsylvania Foreclosures Down 34 Percent
Irvine, Calif. – May 16, 2006 – Philadelphia area foreclosure filings decreased 22 percent in April, the third straight month the region has documented lower foreclosure activity, according to the RealtyTrac™ April 2006 U.S. Foreclosure Market Report. The 10-county metropolitan area reported 1,880 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,108 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.
“Although still above the national average, Philadelphia’s foreclosure rate has steadily decreased over the past three months, indicating that the area’s housing market is still strong enough to hold foreclosures in check in spite of increasing interest rates,” said James J. Saccacio, chief executive officer of RealtyTrac.
Thanks to the decrease in foreclosure activity in Philadelphia and a sharp increase in foreclosure activity in Chicago, Philadelphia’s foreclosure rate dropped from second highest to third highest among the nation’s five largest metropolitan areas. The city documented a foreclosure rate lower than the foreclosure rates in Dallas-Fort Worth and Chicago but higher than the foreclosure rates in Los Angeles and New York.
Philadelphia County reported 896 properties entering some stage of foreclosure in April, a 19 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 739 households — still 1.7 times the national average.
Most of the other counties in the metropolitan area reported decreasing foreclosure activity and foreclosure rates below the national average in April. Bucks County led the way with a 58 percent decrease and a foreclosure rate of one foreclosure filing for every 4,255 households — less than one-third the national average. Montgomery County also maintained a foreclosure rate below the national average, and foreclosure activity there decreased 2 percent.
Foreclosures also decreased in the New Jersey counties of Camden, Burlington and Gloucester, although Camden County’s foreclosure rate of one foreclosure filing for every 691 households was still 1.8 times the national average.
Delaware and Chester counties in Pennsylvania were the only two area counties to report increasing foreclosure activity in April. After dropping sharply the previous month, foreclosure filings in Delaware County bounced back close to the levels reported earlier in the year, while Chester County foreclosures remained relatively steady, increasing just 6 percent in April.
Pennsylvania reported 2,428 properties entering some stage of foreclosure in April, a 34 percent decrease from the previous month and a 25 percent decrease from April 2005. The state’s foreclosure rate of one foreclosure filing for every 2,162 households was below the national average.
Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. April marked the second straight month of decreasing U.S foreclosure activity, but the nation’s April foreclosure rate of one foreclosure filing for every 1,268 households was still higher than in any month in 2005.
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||0||0||—||-100|
|Burlington County, NJ||50||37||0||0||15||102||1,581||-54|
|Camden County, NJ||177||75||0||0||37||289||691||-49|
|Gloucester County, NJ||26||32||0||0||13||71||1,339||-34|
|Salem County, NJ||5||13||0||0||1||19||1,377||-39|
|Bucks County, PA||41||10||0||0||2||53||4,255||-58|
|Chester County, PA||5||37||0||0||10||52||3,149||6|
|Delaware County, PA||4||232||0||0||8||244||889||618|
|Montgomery County, PA||73||69||0||0||12||154||1,931||-2|
|Philadelphia County, PA||385||461||0||0||50||896||739||-19|
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