Pennsylvania Foreclosures Decline in November

Foreclosure filings down 10 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,672 Pennsylvania properties in November, down 10 percent from the previous month, but still a 14 percent increase from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 969 Pennsylvania housing units received a foreclosure filing in November, the 29th highest state foreclosure rate in the nation.

 

“Foreclosure activity in Pennsylvania dropped in November, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state dropped significantly during the month. That trend combined with the stalling effects of the ‘robo-signing’ controversy should help keep foreclosure activity down in the coming months.”

 

California reported 57,378 properties with foreclosure filings and remains firmly established as the national frontrunner. Florida had the second highest total, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Philadelphia County has top foreclosure rate in November

Philadelphia County posted the top foreclosure rate in Pennsylvania for November, with one in every 401 housing units receiving a foreclosure filing — 2.4 times the state average. York County had the second highest foreclosure rate, reporting one in every 466 housing units receiving a foreclosure filing — 2.1 times the state average. Delaware County came in third, with one in every 591 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Philadelphia County also reports highest foreclosure total in November

Philadelphia County also led Pennsylvania in foreclosure activity, reporting 1,649 properties with foreclosure filings. Allegheny County had the second highest total, reporting 630 properties with foreclosure filings. York County was third highest, tallying 377 properties with foreclosure filings. Delaware County reported 374 properties with foreclosure filings for the month, the state’s fourth highest activity level. Montgomery County was fifth, reporting 330 properties with foreclosure filings.

 

State the tenth largest contributor to total foreclosure total

Pennsylvania accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Pennsylvania

0

1,627

0

2,461

1,584

5,672

969

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

575

0

719

355

1,649

401

1.23

2.42

York

0

162

0

163

52

377

466

1.06

2.08

Delaware

0

126

0

221

27

374

591

0.83

1.64

Lancaster

0

79

0

155

42

276

707

0.70

1.37

Berks

0

94

0

77

53

224

719

0.68

1.35

 

 

 

Pennsylvania Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Pennsylvania

0

1,627

0

2,461

1,584

5,672

969

-9.75

14.24

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

575

0

719

355

1,649

401

9.06

30.67

Allegheny

0

69

0

293

268

630

939

-9.74

-21.93

York

0

162

0

163

52

377

466

-18.92

67.56

Delaware

0

126

0

221

27

374

591

-1.84

25.93

Montgomery

0

95

0

121

114

330

956

-17.09

13.79

 

 

 

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