PENNSYLVANIA FORECLOSURES DECREASE 14 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Activity Level Up 2 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Pennsylvania reported 2,698 properties entering some stage of the foreclosure process in October, a 14 percent decline from the 3,125 properties reported in September, but a 2 percent increase from the 2,646 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Unlike most states right now, foreclosures in Pennsylvania have not increased significantly since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Statistics show that the state may be less likely to experience a sharp decline in its housing market, as it did not experience the record levels of appreciation realized by most other regions during the last few years. With job growth remaining solid throughout the state, it is likely that foreclosures will remain fairly stable in the near future.”

 

Pennsylvania ranked 14th in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 1,946 households — half the national average — ranks it 23rd among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 65 percent of all foreclosure activity in Pennsylvania for October.  Allegheny County led the state, reporting 835 properties entering some stage of the foreclosure process during the month. Philadelphia County held the second highest total, reporting 764 properties in some stage of the foreclosure process for the month, followed by Berks County where 145 properties entered the foreclosure pipeline. 

 

Allegheny County posts state’s top foreclosure rate

Allegheny County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 699 households — 2.8 times the state average and 1.4 times the national average.  Philadelphia County held the second highest foreclosure rate, reporting one new foreclosure filing for every 866 households — 2.3 times the state average and 1.2 times the national average — followed by Berks County with one new foreclosure filing for every 1,036 households — 1.9 times the state average.

 

State activity contributes to national total

Pennsylvania’s foreclosure activity accounted for more than 2 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                Pennsylvania Foreclosure Market by County – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Pennsylvania

1,173

1,056

0

0

469

2,698

1,946

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

n/a

0.00

0.00

Allegheny

425

383

0

0

27

835

699

1.43

2.78

Armstrong

0

1

0

0

0

1

32,387

0.03

0.06

Beaver

5

2

0

0

41

48

1,620

0.62

1.20

Bedford

0

0

0

0

0

0

n/a

0.00

0.00

Berks

5

1

0

0

139

145

1,036

0.97

1.88

Blair

0

1

0

0

1

2

27,531

0.04

0.07

Bradford

0

0

0

0

0

0

n/a

0.00

0.00

Bucks

77

4

0

0

0

81

2,784

0.36

0.70

Butler

1

44

0

0

0

45

1,553

0.64

1.25

Cambria

1

0

0

0

0

1

65,796

0.02

0.03

Cameron

0

0

0

0

0

0

n/a

0.00

0.00

Carbon

21

0

0

0

0

21

1,452

0.69

1.34

Centre

0

0

0

0

7

7

7,594

0.13

0.26

Chester

36

51

0

0

2

89

1,840

0.54

1.06

Clarion

1

0

0

0

0

1

19,426

0.05

0.10

Clearfield

1

1

0

0

0

2

18,928

0.05

0.10

Clinton

0

0

0

0

0

0

n/a

0.00

0.00

Columbia

1

0

0

0

0

1

27733

0.04

0.07

Crawford

1

1

0

0

0

2

21,208

0.05

0.09

Cumberland

2

0

0

0

0

2

43,476

0.02

0.04

Dauphin

5

0

0

0

14

19

5,849

0.17

0.33

Delaware

10

76

0

0

40

126

1,722

0.58

1.13

Erie

3

2

0

0

38

43

2,659

0.38

0.73

Fayette

3

3

0

0

2

8

8,311

0.12

0.23

Franklin

0

0

0

0

0

0

n/a

0.00

0.00

Fulton

1

0

0

0

0

1

6,790

0.15

0.29

Greene

0

0

0

0

0

0

n/a

0.00

0.00

Huntingdon

0

0

0

0

0

0

n/a

0.00

0.00

Indiana

1

3

0

0

0

4

9,313

0.11

0.21

Lackawanna

2

0

0

0

0

2

47,681

0.02

0.04

Lancaster

0

3

0

0

28

31

5,806

0.17

0.34

Lawrence

1

2

0

0

15

18

2,202

0.45

0.88

Lebanon

0

0

0

0

0

0

n/a

0.00

0.00

Lehigh

5

1

0

0

17

23

5,605

0.18

0.35

Luzerne

7

0

0

0

0

7

20,669

0.05

0.09

Lycoming

2

1

0

0

14

17

3,086

0.32

0.63

Mckean

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

3

1

0

0

2

6

8,310

0.12

0.23

Mifflin

1

0

0

0

0

1

20,745

0.05

0.09

Monroe

1

1

0

0

11

13

5,199

0.19

0.37

Montgomery

117

3

0

0

7

127

2,342

0.43

0.83

Montour

1

0

0

0

1

2

3,814

0.26

0.51

Northampton

3

3

0

0

0

6

17,785

0.06

0.11

Northumberland

0

0

0

0

0

0

n/a

0.00

0.00

Perry

0

0

0

0

0

0

n/a

0.00

0.00

Philadelphia

339

423

0

0

2

764

866

1.15

2.25

Pike

1

0

0

0

0

1

34,681

0.03

0.06

Potter

0

0

0

0

0

0

n/a

0.00

0.00

Schuylkill

1

38

0

0

0

39

1,739

0.58

1.12

Somerset

0

0

0

0

0

0

n/a

0.00

0.00

Susquehanna

0

0

0

0

0

0

n/a

0.00

0.00

Venango

0

0

0

0

1

1

26,904

0.04

0.07

Warren

0

0

0

0

0

0

n/a

0.00

0.00

Washington

5

1

0

0

6

12

7,272

0.14

0.27

Wayne

0

0

0

0

0

0

n/a

0.00

0.00

Westmoreland

7

5

0

0

52

64

2,517

0.40

0.77

Wyoming

0

0

0

0

0

0

n/a

0.00

0.00

York

77

1

0

0

2

80

1,959

0.51

0.99

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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