PHILADELPHIA FORECLOSURES INCREASE 84 PERCENT ACCORDING TO REALTYTRAC™ JANUARY U.S. FORECLOSURE MARKET REPORT
Montgomery, Bucks and Delaware Counties Also Report Increasing Foreclosures. Pennsylvania Foreclosures Up 27 Percent
Irvine, Calif. – Feb. 21, 2006 – Philadelphia foreclosures increased 84 percent in January, the second straight month the city has reported rising foreclosures, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report. A total of 1,473 Philadelphia properties entered some stage of foreclosure in January, a foreclosure rate of one foreclosure for every 449 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.
The ten county Philadelphia metropolitan area reported 2,893 properties entering some stage of foreclosure in January, a foreclosure rate of one foreclosure for every 720 households. That was higher than foreclosure rates in the Chicago, Los Angeles and New York metropolitan areas but lower than the foreclosure rate in the Dallas-Fort Worth metropolitan area.
“Philadelphia’s foreclosure rate ranked second highest among the nation’s top five metropolitan areas for the second month in a row,” said James J. Saccacio, chief executive officer of RealtyTrac. “But increasing foreclosures are not unique to the Philadelphia metropolitan area. It appears rising interest rates and other economic factors are boosting foreclosure filings in the Philadelphia suburbs, across Pennsylvania and the throughout the nation.”
Pennsylvania and U.S. foreclosures increased for the second straight month. Pennsylvania reported 4,190 properties entering some stage of foreclosure, a 27 percent increase from the previous month, but the state’s foreclosure rate of one foreclosure for every 1,253 households remained slightly below the national foreclosure rate of one foreclosure for every 1,117 households. Foreclosures also increased 27 percent nationwide, with a total of 103,540 U.S. properties entering some stage of foreclosure in January.
With one foreclosure for every 434 households, Camden County, N.J. documented the highest foreclosure rate in the Philadelphia metropolitan area. The county reported 460 properties entering some stage of foreclosure, a 62 percent increase and a foreclosure rate 2.6 times the national average.
Several other counties in the Philadelphia metropolitan area also reported more new foreclosures in January. Montgomery County reported 92 new foreclosures, an 18 percent increase, and Bucks County reported 77 new foreclosures, a 51 percent increase. Despite increasing foreclosures, both counties maintained foreclosure rates below national and state averages.
With one foreclosure for every 740 households, Delaware County’s foreclosure rate was more than 1.5 times state and national averages. The county reported 293 properties entering some stage of foreclosure, a 127 percent increase from the previous month.
Chester County reported 130 properties entering some stage of foreclosure in January, the same number it reported the previous month, and the county’s foreclosure rate stayed below state and national averages.
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 re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||1||1||0||0||5||7||39,264||-42|
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