PHILADELPHIA AREA FORECLOSURES DECREASE 22 PERCENT IN JULY

Camden County Foreclosure Rate Highest in Region

Pennsylvania Foreclosures Up 6 Percent

 

IRVINE, Calif. – Aug. 22, 2006 – Philadelphia area foreclosure filings decreased 22 percent in July, dropping back from a spike in the previous month and lowering the city’s foreclosure rate below the national average, according to the RealtyTrac™ U.S. Foreclosure Market Report. The 10-county metropolitan area reported 1,659 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,255 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

The metro area’s foreclosure rate slipped from third highest to second lowest among the five major metropolitan areas analyzed monthly by RealtyTrac. Only New York documented a lower foreclosure rate than Philadelphia, while Dallas-Fort Worth, Chicago and Los Angeles all documented higher foreclosure rates than Philadelphia.

 

“The combination of declining foreclosure activity in Philadelphia and rising foreclosure activity in other parts of the country placed the city’s foreclosure rate narrowly below the national average in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “This relatively normal foreclosure rate is not surprising given that Philadelphia‘s unemployment rate matched the national average in June and home price appreciation in the city was close to the national average in the first quarter.”

 

Philadelphia County‘s foreclosure rate — one new foreclosure filing for every 1,059 households — remained above the national average despite a 34 percent decrease in foreclosure activity for the month. The county recorded 625 properties entering some stage of foreclosure, more than any other county in the metropolitan area.

 

Most of the other counties in the metropolitan area reported decreasing foreclosure activity. The only exceptions were Montgomery County, Pa., where 213 new foreclosure filings represented a 12 percent increase, and Burlington County, N.J., where 174 new foreclosure filings represented an 8 percent increase.

 

With 79 properties entering some stage of foreclosure, Bucks County reported a 44 percent decrease in foreclosure activity — the biggest drop reported by any county in the metro area. The county’s foreclosure rate of one new foreclosure filing for every 2,854 households ranked second lowest in the region.

 

Camden County, N.J., documented the metro area’s highest foreclosure rate for the third straight month despite a 13 percent decrease in foreclosure activity. The county reported 275 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 726 households — 1.7 times the national average.

 

Pennsylvania foreclosure activity increased 6 percent, with 2,975 properties entering some stage of foreclosure during the month. Despite the increase, the state’s foreclosure rate of one new foreclosure filing for every 1,765 households registered below the national average.

 

After hitting its lowest point of the year so far in the previous month, U.S. foreclosure activity bounced 5 percent higher in July, with 92,845 properties entering some stage of foreclosure during the month — a foreclosure rate of one new foreclosure filing for every 1,245 households.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Philadelphia Metropolitan Statistical Area over the preceding month. 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 re-purchased by a bank).

 

Philadelphia Area Foreclosure Market Statistics by County – July 2006

 

State Name

NODs

NTSs

NFSs

LISs

REOs

Total

1 in every #households

%Change from previous month

US

20,202

38,173

4,795

13,295

16,380

92,845

1,245

5.27

Pennsylvania

945

1,808

0

0

222

2,975

1,765

5.91

Philadelphia MSA

710

870

0

0

79

1,659

1,255

-21.634

Cecil County, MD

0

2

0

0

0

2

17,231

0.000

Burlington County, NJ

112

51

0

0

11

174

927

8.075

Camden County, NJ

180

69

0

0

26

275

726

-12.698

Gloucester County, NJ

51

20

0

0

11

82

1,159

-27.434

Salem County, NJ

10

4

0

0

3

17

1,539

-39.286

Bucks County, PA

34

45

0

0

0

79

2,854

-43.972

Chester County, PA

16

48

0

0

0

64

2,558

-12.329

Delaware County, PA

5

108

0

0

15

128

1,695

-16.883

Montgomery County, PA

94

111

0

0

8

213

1,396

12.105

Philadelphia County, PA

208

412

0

0

5

625

1,059

-33.511

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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