Philadelphia Area Foreclosures Increase 48 Percent in June

 

 

PHILADELPHIA AREA FORECLOSURES INCREASE 48 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Increased Bucks County and Montgomery Foreclosures Contribute to Jump

Pennsylvania Foreclosures Up 22 Percent

 

IRVINE, Calif. – July 18, 2006 – Philadelphia area foreclosure filings increased 48 percent in June, ending four consecutive months of declining foreclosures in the region, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The 10-county metropolitan area reported 2,117 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 984 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 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 ranked third among the nation’s top five metropolitan areas for the third month in a row. Chicago and Dallas-Fort Worth reported higher foreclosure rates than Philadelphia, and New York and Los Angeles reported lower foreclosure rates than Philadelphia.

 

“While Philadelphia foreclosures increased substantially in June, the Philadelphia suburbs actually outpaced the city itself,” said James J. Saccacio, chief executive officer of RealtyTrac.  “The combination of increasing foreclosures in the region and decreasing foreclosures nationwide pushed Philadelphia‘s foreclosure rate above the national average.”

 

Philadelphia County recorded 940 properties entering some stage of foreclosure, a 32 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 704 households — 1.9 times the national average.

 

All of the other counties in the metropolitan area also reported increasing foreclosure activity in June. Bucks County registered the biggest jump, with 141 properties entering some stage of foreclosure — more than twice the number reported in the previous month. Despite the increase, the county’s foreclosure rate of one new foreclosure filing for every 1,599 households was below the national average.

 

Montgomery, Delaware and Chester counties also documented foreclosure rates below the national average despite more foreclosures in June. With one new foreclosure filing for every 2,243 households, Chester County‘s foreclosure rate was the lowest among these counties.

 

For the second month in a row, Camden County, N.J., documented the metro area’s highest foreclosure rate with one new foreclosure filing for every 634 households — more than two times the national average. The county reported 315 properties entering some stage of foreclosure, a 27 percent increase from the previous month.

 

Pennsylvania reported 2,809 properties entering some stage of foreclosure in June, a 22 percent increase from the previous month and a 29 percent year-over-year increase from June 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,869 households stayed below the national average despite the increase in foreclosure activity.

 

With 88,195 properties nationwide entering some stage of foreclosure in June, U.S. foreclosure activity decreased 5 percent from the previous month but was up 17 percent from June 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,311 households dropped to its lowest level of the year but was still higher than in any month last year.

 

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 – June 2006

 

State Name

NODs

NTSs

NFSs

LISs

REOs

Total

1 in every #households

%Change from previous month

US

21,866

38,382

2,966

9,598

15,383

88,195

1,311

-4.91

Pennsylvania

848

1,694

0

0

267

2,809

1,869

22.40

Philadelphia MSA

807

1,237

0

0

73

2,117

984

48.353

Cecil County, MD

0

1

0

0

1

2

17,231

 

Burlington County, NJ

83

70

0

0

8

161

1,002

98.765

Camden County, NJ

208

92

0

0

15

315

634

27.016

Gloucester County, NJ

57

45

0

0

11

113

841

94.828

Salem County, NJ

7

13

0

0

8

28

934

33.333

Bucks County, PA

65

76

0

0

0

141

1,599

131.148

Chester County, PA

0

58

0

0

15

73

2,243

52.083

Delaware County, PA

3

150

0

0

1

154

1,409

42.593

Montgomery County, PA

109

68

0

0

13

190

1,565

108.791

Philadelphia County, PA

275

664

0

0

1

940

704

32.208

 

 

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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