PHILADELPHIA FORECLOSURES INCREASE 58 PERCENT ACCORDING TO REALTYTRAC™ OCTOBER U.S. FORECLOSURE MARKET REPORT
City’s Foreclosure Rate Moves to Second Highest of Nation’s Top Five Metro Areas; Bucks, Camden, Chester, Delaware and Montgomery County Foreclosures Also Up.
Irvine, Calif. – Novemeber 28, 2005 – Philadelphia foreclosures increased 58 percent in October, reversing a five-month downward trend and catapulting the city’s foreclosure rate to second highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ October 2005 U.S. Foreclosure Market Report.
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.
With one foreclosure for every 923 households, Philadelphia’s foreclosure rate moved higher than Chicago’s foreclosure rate, making it the second highest foreclosure rate among the nation’s top five metro areas. Only Dallas-Fort Worth reported a higher foreclosure rate than Philadelphia. Chicago, New York and Los Angeles foreclosure rates were all lower.
“Even with the dramatic increase in Philadelphia foreclosures in October, the numbers are still below the high point of the year back in the first quarter of 2005,” said James J. Saccacio, RealtyTrac chief executive officer. “After five consecutive months of lower foreclosures, a one-month spike probably isn’t a cause for concern, but we’ll be watching the results in November and December to see if there’s been a shift in the Philadelphia area real estate market.”
Philadelphia’s foreclosure rate was more than two times the average statewide, where 2,646 properties entered some stage of foreclosure – an 11 percent increase from the previous month and one foreclosure for every 1,984 households. Nationwide, foreclosures increased 19 percent in October, with a total of 81,382 properties entering some stage of foreclosure—a rate of one foreclosure for every 1,422 households. That was the most new foreclosures reported in any month year to date.
Foreclosures also increased in the nearby Pennsylvania counties of Bucks, Montgomery, Delaware and Chester. Bucks County’s foreclosure rate stayed below national and state averages thanks to a modest increase of 3.6 percent in new foreclosures. Delaware County foreclosures rose just 3.2 percent, but the county’s foreclosure rate was more than two times state and national averages. Foreclosure rates in Montgomery and Chester counties stayed below the national average despite substantial increases in foreclosures in both counties. Montgomery County reported 187 properties entering some stage of foreclosure, and Chester County reported 91 properties entering some stage of foreclosure.
Camden County, N.J. foreclosures more than doubled in October, with 827 properties entering some stage of foreclosure, and the county recorded one foreclosure for every 241 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