Pennsylvania Foreclosure Activity Down in First Quarter

Foreclosure filings slide 35 percent from Q4 2010, drop 29 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,401 Pennsylvania properties during the first quarter of 2011, down 35 percent from the fourth quarter of 2010 and 29 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 3,945 Pennsylvania properties in March, a 27 percent increase from February but down 30 percent from March 2010. One in every 1,399 Pennsylvania housing units received a foreclosure filing in March, the 37th highest state foreclosure rate in the nation for the month. Pennsylvania ranked 37th in the nation in total foreclosures reported for the first quarter of 2011. Its foreclosure rate of one in 531 housing units receiving a foreclosure filing during the quarter, ranked it 37th among the 50 states.

 

York County takes top foreclosure rate honors in the first quarter

York County posted the highest foreclosure rate in Pennsylvania during the first quarter of 2011, with one in every 197 housing units receiving a foreclosure filing — 2.7 times the state average. Dauphin County reported the second highest foreclosure rate, with 250 properties with a foreclosure filing — 2.1 times the state average. One in every 295 housing units in Delaware County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.8 times the state average.

 

Philadelphia County led the state in foreclosure activity for first quarter

Philadelphia County led the way, reporting 2,040 properties with foreclosure filings during the quarter. Allegheny County was second highest in the state, reporting 1,109 properties with foreclosure filings. Third highest total was tallied in York County, where 898 properties with foreclosure filings were reported. Reporting 749 properties with foreclosure filings for the quarter, Delaware County registered the fourth highest total in the state. Fifth highest was Bucks County, where 620 properties with foreclosure filings were reported for the quarter.

 

State contributes 2 percent to nation’s foreclosure total in the first quarter

Pennsylvania accounted for 2 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac‘s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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 repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Pennsylvania Top Foreclosure Rates By County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Pennsylvania

0

3,346

1

4,112

2,942

10,401

531

0.36

n/a

 

 

 

 

 

 

 

 

 

 

York

0

273

0

372

253

898

197

0.97

2.69

Dauphin

0

90

0

256

124

470

250

0.76

2.13

Delaware

0

352

0

242

155

749

295

0.65

1.80

Berks

0

257

0

145

139

541

299

0.64

1.78

Philadelphia

0

1,199

0

717

124

2,040

324

0.59

1.64

 

 

Pennsylvania Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Pennsylvania

0

3,346

1

4,112

2,942

10,401

531

-35.49

-29.29

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

1,199

0

717

124

2,040

324

-54.69

-36.94

Allegheny

0

280

0

301

528

1,109

534

-35.41

-46.24

York

0

273

0

372

253

898

197

-14.07

0.00

Delaware

0

352

0

242

155

749

295

-17.69

-20.74

Bucks

0

283

0

228

109

620

390

-26.10

-30.73

 

 

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