Pennsylvania Foreclosure Activity Down in Third Quarter

Filings down 3 percent from Q2 2011, down 43 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 9,574 Pennsylvania properties  during the third quarter of 2011, down 3 percent from the second quarter of  2011 and 43 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

One in every 576 Pennsylvania housing units had a foreclosure  filing during the quarter, the state posted the 37th highest  foreclosure rate in the nation.

Foreclosure filings were reported  on 2,953 Pennsylvania  properties in September, an 11 percent decrease from August and down 49 percent  from September 2010. One in every 1,869 Pennsylvania  housing units had a foreclosure filing in September, the 39th  highest state foreclosure rate in the nation.

Philadelphia County posts  top foreclosure rate and total for the third quarter
  One in every 280 housing units in Philadelphia County had a foreclosure filing during  the third quarter of 2011 — 2.1 times the state average. Philadelphia County  also had the highest total, reporting 2,361 properties with foreclosure  filings.

Delaware County had the second highest rate with one in every 305 housing units reporting a foreclosure filing — 1.9 times  the state average. York   County had the third  highest rate, reporting one in every 345 housing units with a foreclosure  filing — 1.7 times the state average.

Allegheny County had the second highest total in the state,  reporting 825 properties with foreclosure filings. Third highest total was  tallied in Delaware   County, where 725  properties with foreclosure filings were reported. Reporting 656 properties  with foreclosure filings for the quarter, Montgomery County  registered the fourth highest total in the state. Fifth highest was Bucks County,  where 640 properties with foreclosure filings were reported for the quarter.

State a moderate contributor to  nation’s foreclosure total in the third quarter
  Pennsylvania accounted for 2 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                                    Pennsylvania Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Pennsylvania

0

2,482

0

3,660

3,432

9,574

576

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

783

0

731

847

2,361

280

0.76

2.06

Delaware

0

215

0

300

210

725

305

0.70

1.89

York

0

188

0

176

148

512

345

0.62

1.67

Monroe

0

0

0

94

124

218

365

0.58

1.58

Northampton

0

196

0

29

97

322

367

0.58

1.57

            Pennsylvania Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Pennsylvania

0

2,482

0

3,660

3,432

9,574

576

-3.40

-43.02

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

783

0

731

847

2,361

280

11.63

-46.07

Allegheny

0

128

0

346

351

825

718

-20.06

-58.67

Delaware

0

215

0

300

210

725

305

-14.40

-23.04

Montgomery

0

218

0

286

152

656

482

-8.76

-37.88

Bucks

0

237

0

271

132

640

378

14.49

-33.40

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