PENNSYLVANIA FORECLOSURES INCREASE 10 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 31 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – Pennsylvania reported 3,125 properties entering some stage of the foreclosure process, a 10 percent gain from the 2,843 properties reported in August, and 31 percent above the 2,379 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Though Pennsylvania has seen continued job growth, the state’s unemployment rate remains on the rise,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition, financial pressures are being realized by borrowers with adjustable-rate mortgages as mortgage interest rates and payments reset to higher levels.”

 

Pennsylvania ranked 12th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 1,680 households — well below the national average — ranks it 21st among the 50 states.

 

Philadelphia County tops in foreclosure activity

Philadelphia County had the largest share of foreclosures in the state for September, reporting 1,000 properties entering some stage of the foreclosure process. Allegheny County had the second highest total, reporting 755 properties entering some stage of foreclosure during the month. Third highest was Bucks County, reporting 191 properties in foreclosure, followed by Luzerne County reporting 184 properties and Montgomery County with 173 properties in the foreclosure pipeline.

 

Highest foreclosure rate reported in Philadelphia County

Philadelphia County also posted the state’s highest foreclosure rate for the month, with one new foreclosure filing for every 662 households — 2.5 times the state average and 1.6 times the national average. Reporting one new foreclosure filing for every 773 households — 2.2 times the state average and 1.3 times the national average — Allegheny County had the second highest foreclosure rate in the state, followed by Luzerne County reporting one new foreclosure filing for every 786 households.

 

Pennsylvania makes significant contribution to national total

Pennsylvania’s foreclosure activity accounted for slightly under 3 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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 – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Pennsylvania

1,120

1,767

0

0

238

3,125

1,680

0.61

 

 

 

 

 

 

 

 

 

 

Adams

1

0

0

0

0

1

35,831

0.03

0.05

Allegheny

353

392

0

0

10

755

773

1.33

2.17

Armstrong

0

2

0

0

0

2

16,194

0.06

0.10

Beaver

3

53

0

0

22

78

997

1.03

1.69

Bedford

0

0

0

0

0

0

0.00

0.00

Berks

1

80

0

0

0

81

1,855

0.56

0.91

Blair

0

1

0

0

0

1

55,061

0.02

0.03

Bradford

0

2

0

0

0

2

14,332

0.07

0.12

Bucks

108

83

0

0

0

191

1,181

0.87

1.42

Butler

0

2

0

0

1

3

23,289

0.04

0.07

Cambria

0

1

0

0

0

1

65,796

0.02

0.03

Carbon

4

2

0

0

1

7

4,356

0.24

0.39

Centre

0

0

0

0

1

1

53,161

0.02

0.03

Chester

24

38

0

0

0

62

2,641

0.39

0.64

Clearfield

0

0

0

0

0

0

0.00

0.00

Clinton

0

1

0

0

0

1

18,166

0.06

0.09

Crawford

1

0

0

0

1

2

21,208

0.05

0.08

Cumberland

0

3

0

0

2

5

17,390

0.06

0.10

Dauphin

1

4

0

0

23

28

3,969

0.26

0.42

Delaware

7

102

0

0

2

111

1,955

0.53

0.86

Erie

1

5

0

0

33

39

2,932

0.35

0.57

Fayette

1

7

0

0

0

8

8,311

0.12

0.20

Franklin

0

0

0

0

0

0

0.00

0.00

Huntingdon

0

0

0

0

0

0

0.00

0.00

Indiana

0

1

0

0

0

1

37,250

0.03

0.05

Juniata

0

0

0

0

0

0

0.00

0.00

Lackawanna

2

0

0

0

0

2

47,681

0.02

0.04

Lancaster

2

7

0

0

28

37

4,865

0.21

0.35

Lawrence

0

0

0

0

23

23

1,723

0.60

0.97

Lebanon

1

4

0

0

1

6

8,220

0.13

0.20

Lehigh

0

2

0

0

13

15

8,594

0.12

0.20

Luzerne

2

181

0

0

1

184

786

1.31

2.14

Lycoming

0

2

0

0

19

21

2,498

0.41

0.67

Mercer

0

0

0

0

1

1

49,859

0.02

0.03

Mifflin

0

1

0

0

1

2

10,373

0.10

0.16

Monroe

2

2

0

0

1

5

13,516

0.08

0.12

Montgomery

79

59

0

0

35

173

1,719

0.60

0.98

Montour

0

1

0

0

0

1

7,627

0.14

0.22

Northampton

2

3

0

0

0

5

21,342

0.05

0.08

Northumberland

0

2

0

0

0

2

21,582

0.05

0.08

Perry

0

0

0

0

0

0

0.00

0.00

Philadelphia

432

567

0

0

1

1,000

662

1.56

2.54

Pike

0

1

0

0

0

1

34,681

0.03

0.05

Schuylkill

0

1

0

0

0

1

67,806

0.02

0.02

Snyder

0

3

0

0

0

3

4,963

0.21

0.34

Susquehanna

1

0

0

0

0

1

21,829

0.05

0.08

Washington

3

10

0

0

12

25

3,491

0.30

0.48

Wayne

0

0

0

0

0

0

0.00

0.00

Westmoreland

1

137

0

0

5

143

1,126

0.91

1.49

Wyoming

0

1

0

0

1

2

6,357

0.16

0.26

York

88

4

0

0

0

92

1,703

0.60

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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