PHILADELPHIA FORECLOSURES DOWN NEARLY 30% ACCORDING TO REALTYTRAC™ NOVEMBER U.S. FORECLOSURE MARKET REPORT
City’s Foreclosure Rate Drops to Third Highest Among Nation’s Top Five Metro Areas Thanks To 29 Percent Decrease In Foreclosures. Pennsylvania Foreclosures Up Two Percent
Irvine, Calif. – December 18, 2005 – Philadelphia foreclosures decreased 29 percent in November, retreating from a 58 percent spike the previous month and lowering the city’s foreclosure rate from second highest to third highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ November 2005 U.S. Foreclosure Market Report.
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.
With one foreclosure for every 1,295 households, Philadelphia’s foreclosure rate moved lower than New York’s foreclosure rate, making it the third highest foreclosure rate among the nation’s top five metro areas. The city’s foreclosure rate was higher than foreclosure rates in Los Angeles and Chicago and lower than foreclosure rates in Dallas-Fort Worth and New York.
“In November, Philadelphia foreclosures dropped closer to the levels they were at earlier this fall and in the summer, indicating that the sizable increase we saw in October was a one-month spike and not the start of a trend,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rising interest rates and a cooling housing market may eventually cause Philadelphia foreclosures to trend upward, but we don’t see evidence of that yet.”
Philadelphia County reported 511 properties entering some stage of foreclosure in November, down from 717 in October. Despite the decrease, the city’s foreclosure rate remained above state and national averages.
Nearby Montgomery County reported 126 properties entering some stage of foreclosure in November, a 33 percent decrease and a foreclosure rate below state and national averages.
The foreclosure rate in Chester County, where 20 properties entered some stage of foreclosure, also registered below state and national averages.
Delaware County documented a foreclosure rate above the state average even though foreclosures there decreased 59 percent in November. Bucks County reported the same number of foreclosures in November as it did in October, and the county’s foreclosure rate stayed below state and national averages.
Camden County, N.J. reported 356 properties entering some stage of foreclosure in November, a 57 percent decrease. But the county’s foreclosure rate — one foreclosure for every 561 households — was 2.9 times the national average.
Pennsylvania reported 2,701 properties entering some stage of foreclosure in November, a 2 percent increase and a foreclosure rate of one foreclosure for every 2,646 households.
Nationwide, 71,606 properties entered some stage of foreclosure in November, a 12 percent decrease and a foreclosure rate of one foreclosure for every 1,615 U.S. 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:
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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