PHILADELPHIA AREA FORECLOSURES DECREASE 24 PERCENT ACCORDING TO REALTYTRAC™ MAY U.S. FORECLOSURE MARKET REPORT
Montgomery County, Delaware County and Chester County Foreclosures Also Decrease
Pennsylvania Foreclosures Down Six Percent
Irvine, Calif. – June 26, 2006 – Philadelphia area foreclosure filings decreased 24 percent in May, the fourth straight month the region has documented declining foreclosure activity, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The 10-county metropolitan area reported 1,427 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,459 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 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.
“The Philadelphia area’s foreclosure rate dropped below the national average in May thanks to four consecutive months of fewer foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “We observed a similar trend last year, when the region’s foreclosures spiked in the beginning of the year and then dropped steadily for most of the spring and summer months.”
The metro area’s foreclosure rate ranked third among the nation’s top five metropolitan areas for the second month in a row. Chicago and Dallas-Fort Worth reported higher foreclosure rates than Philadelphia, and New York and Los Angeles reported lower foreclosure rates than Philadelphia.
Philadelphia County recorded 711 properties entering some stage of foreclosure, a decrease of more than 20 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 931 households — 1.4 times the national average
Bucks County was one of the few counties in the metropolitan area to report increasing foreclosures in May. The county recorded 61 properties entering some stage of foreclosure, a 15 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 3,697 households — still well below the national average.
Delaware and Montgomery counties saw the biggest drops in foreclosure activity in the metropolitan area. Delaware County reported 108 properties entering some stage of foreclosure, a decrease of more than 55 percent and a foreclosure rate of one new foreclosure filing for every 2,009 households, and Montgomery County reported 91 properties entering some stage of foreclosure, a decrease of more than 40 percent and a foreclosure rate of one new foreclosure filing for every 3,269 households.
Camden County, N.J., documented the highest foreclosure rate in the metropolitan area, with one new foreclosure filing for every 805 households — 1.5 times the national average. The county reported 248 properties entering some stage of foreclosure, a 14 percent decrease from the previous month.
Pennsylvania reported 2,295 properties entering some stage of foreclosure in May, a decrease of more than 5 percent from the previous month and down more than 4 percent from May 2005. The state’s foreclosure rate of one new foreclosure filing for every 2,288 households stayed below the national average.
Nationwide a total of 92,746 properties entered some stage of foreclosure in May, a increase of less than 2 percent from the previous month but still a 28 percent year-over-year increase from May 2005, and the nation documented a May foreclosure rate of one new foreclosure filing for every 1,247 U.S. households. May’s increase ended two months of declining foreclosure activity nationwide.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and in the nation’s five largest Metropolitan Statistical Areas over the preceding month. 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 re-purchased by a bank).
Philadelphia Area Foreclosure Market Statistics by County – May 2006
1 in every #households
|%Change prev. month|
|Cecil County, NJ||0||0||0||0||0||0||—||—|
|Burlington County, NJ||36||27||0||0||18||81||1,991||-20.588|
|Camden County, NJ||172||38||0||0||38||248||805||-14.187|
|Gloucester County, NJ||21||29||0||0||8||58||1,639||-18.310|
|Salem County, NJ||8||6||0||0||7||21||1,246||10.526|
|Bucks County, PA||12||45||0||0||4||61||3,697||15.094|
|Chester County, PA||0||42||0||0||6||48||3,411||-7.692|
|Delaware County, PA||4||96||0||0||8||108||2,009||-55.738|
|Montgomery County, PA||61||1||0||0||29||91||3,269||-40.909|
|Philadelphia County, PA||195||491||0||0||25||711||931||-20.647|
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix, 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, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 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