Pennsylvania Foreclosure Activity Down in 2011

Filings down 37 percent from 2010 and 28 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 32,423 Pennsylvania properties in 2011, down 37 percent from a year ago and 28 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 36th highest foreclosure rate in the nation, with one in every 170 Pennsylvania housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 3,727 Pennsylvania properties in December, a 7 percent increase from November, but down 22 percent from December 2010. One in every 1,481 Pennsylvania housing units received a foreclosure filing in December, the 33rd highest state foreclosure rate in the nation.

Delaware County has top foreclosure rate honors in 2011
 One in every 85 housing units in Delaware County received a foreclosure filing during 2011 — twice the state average. Philadelphia County had the second highest rate with one in every 87 housing units reporting a foreclosure filing — 1.9 times the state average. York County had the third highest rate, reporting one in every 88 housing units with a foreclosure filing — 1.9 times the state average.

Philadelphia County leads the state in foreclosure activity for 2011
 Philadelphia County led the way, reporting 7,565 properties with foreclosure filings during 2011. Allegheny County was second highest in the state, reporting 3,143 properties with foreclosure filings. Third highest total was tallied in Delaware County, where 2,585 properties with foreclosure filings were reported. Reporting 2,192 properties with foreclosure filings for the year, Montgomery County registered the fourth highest total in the state. Fifth highest was York County, where 2,001 properties with foreclosure filings were reported for 2011.

State a moderate contributor to nation’s foreclosure total in 2011
 Pennsylvania accounted for 2 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select loca

Pennsylvania Top Foreclosure Rates By County– 2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Pennsylvania

32,423

0.59

170

0.40

n/a

 

 

 

 

 

 

Delaware

2,585

1.17

85

0.81

1.99

Philadelphia

7,565

1.14

87

0.79

1.94

York

2,001

1.13

88

0.78

1.92

Berks

1,620

1.00

100

0.69

1.70

Dauphin

983

0.84

119

0.58

1.42

 Pennsylvania Top Foreclosure Totals By County– 2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Pennsylvania

32,423

0.59

170

-36.77

-27.52

 

 

 

 

 

 

Philadelphia

7,565

1.14

87

-40.46

-30.56

Allegheny

3,143

0.53

189

-45.96

-47.22

Delaware

2,585

1.17

85

-14.18

-6.20

Montgomery

2,192

0.69

144

-29.45

-20.23

York

2,001

1.13

88

-36.56

-18.26

 

 

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