PHILADELPHIA FORECLOSURES INCREASE 57 PERCENT ACCORDING TO REALTYTRAC™ DECEMBER U.S. FORECLOSURE MARKET REPORT
Bucks, Camden, Chester, Delaware and Montgomery County Foreclosures DeclinePennsylvania Foreclosures Up 22 Percent
Irvine, Calif. – January 12, 2006 – Philadelphia recorded 800 properties entering some stage of foreclosure in December, a 57 percent increase from the previous month and the second most new foreclosures recorded by the city in any month of 2005, according to the RealtyTrac™ December 2005 U.S. Foreclosure Market Report. Philadelphia’s December foreclosure rate ranked second highest among the nation’s five largest metropolitan areas.
RealtyTrac 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.
“Philadelphia foreclosures in December were at the highest levels we’ve seen since April,” said James J. Saccacio, chief executive officer of RealtyTrac. “Whether this sudden spike was influenced by seasonality, or is the beginning of a new trend bears watching.”
With one foreclosure for every 827 households, Philadelphia’s foreclosure rate was higher than the foreclosure rates in New York, Los Angeles and Chicago, but stayed below the foreclosure rates in Dallas-Fort Worth. Philadelphia’s foreclosure rate was 1.7 times the national average and 1.9 times the state average.
Nearby Chester County also documented a foreclosure rate above state and national averages thanks to spiking foreclosures in December. The county recorded 130 properties entering some stage of foreclosure, more than six times the number recorded the previous month.
Foreclosures decreased in Bucks, Montgomery and Delaware counties, and all three counties documented foreclosure rates below national and state averages in December. Bucks County recorded 51 properties entering some stage of foreclosure, a 41 percent decrease; Montgomery County recorded 78 properties entering some stage of foreclosure, a 38 percent decrease; and Delaware County recorded 129 properties entering some stage of foreclosure, a 4 percent decrease.
Camden County, N.J. recorded 284 properties entering some stage of foreclosure, a 20 percent decrease. In spite of the decrease, the county’s foreclosure rate — one foreclosure for every 703 households — was more than two times the national average.
Pennsylvania recorded 3,304 properties entering some stage of foreclosure in December, a 22 percent increase and a foreclosure rate of one foreclosure for every 1,589 households. Even with the increase, the state’s foreclosure rate stayed below the national average.
Nationwide, 81,290 properties entered some stage of foreclosure in December, a 13.5 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 1,422 U.S. households. December’s national foreclosure rate was the highest reported in 2005, matching the national foreclosure rate reported in October.
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:
|District of Columbia||2||2||0||0||8||12||-40.00|
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