Pennsylvania Foreclosure Activity Falls in February

Statewide filings down 2 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,494 Pennsylvania properties in February, a 2 percent decrease from January, but still 45 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Pennsylvania had the 27th highest foreclosure rate in the nation, reporting one in every 1,239 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Third place was Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings while Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona (9,131), Pennsylvania and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Delaware County posts top foreclosure rate in the state for February
 One in every 467 housing units in Delaware County had a foreclosure filing in February — 1.4 times the national average and 2.7 times the state average — the highest foreclosure rate of all Pennsylvania counties for the month. York County had the second highest rate of one in every 513 housing units with a foreclosure filing during the month — 1.2 times the national average and 2.4 times the state average. Dauphin County had the third highest rate of one in every 630 housing units with a foreclosure filing during the month — on par with the national average and twice the state average.

Philadelphia County has top foreclosure total in February
 Philadelphia County had the highest foreclosure total, reporting 931 properties with foreclosure filings for the month. Allegheny County was second highest, reporting 568 properties with foreclosure filings. Delaware County was third, reporting 477 properties with foreclosure filings. Fourth highest was York County, recording 348 properties with foreclosure filings. Montgomery County was fifth, tallying 320 properties with foreclosure filings for the month.

State the nation’s ninth largest contributor to total foreclosure activity in February
 Pennsylvania accounted for 2 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Pennsylvania Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Pennsylvania

0

1,712

0

1,798

984

4,494

1,239

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Delaware

0

178

0

196

103

477

467

1.36

2.65

York

0

86

0

223

39

348

513

1.24

2.41

Dauphin

0

50

0

125

16

191

630

1.01

1.97

Philadelphia

0

452

0

244

235

931

720

0.88

1.72

Berks

0

71

0

62

68

201

820

0.78

1.51

 Pennsylvania Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Pennsylvania

0

1,712

0

1,798

984

4,494

1,239

-1.58

44.50

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

452

0

244

235

931

720

-24.19

51.14

Allegheny

0

312

0

159

97

568

1,037

-23.66

166.67

Delaware

0

178

0

196

103

477

467

-4.60

40.29

York

0

86

0

223

39

348

513

112.20

77.55

Montgomery

0

136

0

135

49

320

1,018

40.97

63.27

 

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