Pennsylvania Foreclosure Activity Falls in August

Statewide  filings down 10 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  Pennsylvania, where 3,312 properties were reported in August, a 10 percent  decrease from July and 49 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Pennsylvania  had the 35th highest foreclosure rate in the country with one in  every 1,666 housing units with a foreclosure filing in August.

Philadelphia County posts top foreclosure rate and  total in the state for August
  One in every 797 housing  units in Philadelphia County received a foreclosure filing in August — 2.1  times the state average — the highest foreclosure rate of all Pennsylvania counties  for the month. Philadelphia County also had the highest total, reporting 830  properties with a foreclosure filing.

Bucks County had the second  highest rate of one in every 798 housing units with a foreclosure filing during  the month — 2.1 times the state average. Lancaster County had the third highest  rate of one in every 901 housing units with a foreclosure filing during the  month — 1.9 times the state average.

Allegheny County had the  second highest total, reporting 438 properties with foreclosure filings. Bucks  County was third, reporting 303 properties with foreclosure filings. Fourth  highest was Montgomery County, recording 253 properties with foreclosure  filings. Lancaster County was fifth tallying 218 properties with a foreclosure  filing.

State a minor contributor to total foreclosure  activity in August
  Pennsylvania accounted  for 1 percent of the 228,098 properties with foreclosure filings reported  nationwide in August. Total U.S. activity increased by more than 7 percent from  July, but was down nearly 33 percent from the level reported in August 2010. One  in every 570 U.S. housing units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Pennsylvania

0

973

0

1,128

1,211

3,312

1,666

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

273

0

277

280

830

797

0.71

2.09

Bucks

0

97

0

112

94

303

798

0.71

2.09

Lancaster

0

48

0

91

79

218

901

0.63

1.85

Monroe

0

0

0

35

44

79

1,008

0.57

1.65

Beaver

0

24

0

22

21

67

1,190

0.48

1.40

 

 

        Pennsylvania Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Pennsylvania

0

973

0

1,128

1,211

3,312

1,666

-10.22

-49.24

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

273

0

277

280

830

797

-16.08

-57.54

Allegheny

0

111

0

182

145

438

1,353

66.54

-36.80

Bucks

0

97

0

112

94

303

798

42.25

-12.68

Montgomery

0

88

0

148

17

253

1,249

17.13

-34.46

Lancaster

0

48

0

91

79

218

901

395.45

115.84

 

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