Pennsylvania Foreclosure Activity Increases in August

Filings increase 28 percent from July; foreclosure rate No. 34 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 6,525 Pennsylvania properties in August, a 28 percent increase from the previous month and a 13 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Pennsylvania foreclosures were up during August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 56 percent for the month. Although the state’s unemployment rate remains below the national average, it did rise recently. This has likely contributed to the recent foreclosure increase.”

 

Pennsylvania ranked 11th in the nation in total foreclosures reported in August. Its foreclosure rate of one in every 842 housing units receiving a foreclosure filing during the month, ranked it 34th among the 50 states.

 

Philadelphia County dominates the state in foreclosure rate for August

Philadelphia County posted Pennsylvania’s top foreclosure rate for August, where one in every 338 housing units received a foreclosure filing during the month. One in every 368 housing units received a foreclosure filing in York County, for the second highest rate in the state. Coming in third was Lehigh County, where one in every 541 housing units received a foreclosure filing in August. Fourth highest was Berks County, where one in every 590 housing units received a foreclosure filing. Delaware County came in fifth, with one in every 620 housing units receiving a foreclosure filing during the month.

 

Philadelphia County posts top foreclosure total for August

Philadelphia County led Pennsylvania in total foreclosure activity for August, reporting 1,955 properties with foreclosure filings. Allegheny County documented the second highest foreclosure activity, where 693 properties with foreclosure filings were reported. York County came in third, tallying 477 properties with foreclosure filings. Fourth highest was Montgomery County, where 386 properties with foreclosure filings were reported. Delaware County came in fifth, reporting 356 properties with foreclosure filings for the month.

 

State contributes 2 percent to nation’s monthly foreclosure total

Pennsylvania accounted for 2 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Pennsylvania

0

1,644

0

2,568

2,313

6,525

842

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

387

0

720

848

1,955

338

1.13

2.49

York

0

143

0

178

156

477

368

1.03

2.29

Lehigh

0

54

0

94

108

256

541

0.70

1.56

Berks

0

127

0

99

47

273

590

0.65

1.43

Delaware

0

190

0

113

53

356

620

0.61

1.36

 

 

Pennsylvania Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Pennsylvania

0

1,644

0

2,568

2,313

6,525

842

28.34

13.16

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

387

0

720

848

1,955

338

72.86

-0.61

Allegheny

0

223

0

293

177

693

854

1.17

21.37

York

0

143

0

178

156

477

368

63.92

58.47

Montgomery

0

163

0

145

78

386

817

7.22

36.40

Delaware

0

190

0

113

53

356

620

40.71

34.34

 

 

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