Pennsylvania Foreclosures Up in 2010

Foreclosure filings rise 15 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 51,278 Pennsylvania properties for 2010, up 15 percent from a year ago and 38 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 4,765 Pennsylvania properties in December 2010, a 16 percent decrease from November and 1 percent below the level reported in December 2009. One in every 1,153 Pennsylvania housing units received a foreclosure filing during the month.

 

“Foreclosure activity in Pennsylvania rose in 2010 to well above what was reported for both 2009 and 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate — currently at 8.5 percent after five consecutive months of improvement — has attributed to mounting foreclosures over the past year, but will likely lead to an activity slow-down should job market gains continue moving into 2011.”

 

One in every 107 Pennsylvania housing units received a foreclosure filing in 2010, the 36th highest state foreclosure rate in the nation for the year.

 

Philadelphia County posts state’s top foreclosure rate and total in 2010

Philadelphia County posted the highest foreclosure rate in Pennsylvania in 2010, with one in every 52 housing units receiving a foreclosure filing — 2.1 times the state average. York County had the second highest foreclosure rate, with one in every 56 housing units receiving a foreclosure filing in 2010 — 1.9 times the state average. The next highest was Lehigh County, where one in every 70 housing units received a foreclosure filings during the year — 1.5 times the state average.

 

Philadelphia County also led the state in foreclosure activity in 2010

Philadelphia County also led Pennsylvania in foreclosure activity, reporting 12,706 properties with foreclosure filings. Allegheny County had the second highest foreclosure total, where 5,816 properties with foreclosure filings were reported. York County was third highest, reporting 3,154 properties with foreclosure filings for the year. Montgomery County came in fourth, tallying 3,107 properties with foreclosure filings. Fifth highest total for the year was in Montgomery County, where 3,107 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

Pennsylvania accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Pennsylvania

0

15,976

0

17,468

17,834

51,278

107

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

4,703

0

4,117

3,886

12,706

52

0.86

2.06

York

0

1,409

0

736

1,009

3,154

56

0.81

1.92

Lehigh

0

480

0

724

787

1,991

70

0.65

1.54

Berks

0

940

0

847

509

2,296

70

0.64

1.53

Delaware

0

1,516

0

1,032

464

3,012

73

0.61

1.46

 

 

Pennsylvania Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Pennsylvania

0

15,976

0

17,468

17,834

51,278

107

14.63

37.81

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

4,703

0

4,117

3,886

12,706

52

16.62

46.15

Allegheny

0

1,976

0

1,754

2,086

5,816

102

-2.33

-15.84

York

0

1,409

0

736

1,009

3,154

56

28.84

93.38

Montgomery

0

1,151

0

1,179

777

3,107

101

13.06

49.45

Bucks

0

1,344

0

1,047

631

3,022

80

11.51

52.40

 

 

 

Pennsylvania Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Pennsylvania

0

1,527

0

1,599

1,639

4,765

1,153

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Monroe

0

0

0

1

248

249

318

1.57

3.62

Philadelphia

0

608

0

449

405

1,462

452

1.11

2.55

Cumberland

0

2

0

194

8

204

468

1.07

2.46

York

0

122

0

42

91

255

689

0.73

1.67

Berks

0

100

0

59

23

182

885

0.57

1.30

 

 

Pennsylvania Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Pennsylvania

0

1,527

0

1,599

1,639

4,765

1,153

-15.99

-0.81

 

 

 

 

 

 

 

 

 

 

Philadelphia

0

608

0

449

405

1,462

452

-11.34

22.86

Allegheny

0

151

0

167

128

446

1,327

-29.21

-4.70

Montgomery

0

128

0

112

34

274

1,151

-16.97

-18.93

York

0

122

0

42

91

255

689

-32.36

-38.41

Bucks

0

115

0

91

47

253

953

-17.32

20.48

 

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