Foreclosures Down in Greater Philadelphia

PHILADELPHIA FORECLOSURE ACTIVITY DOWN 4 PERCENT IN FEBRUARY By RealtyTrac Staff

City’s Foreclosure Rate Ranks Lowest Among Top Five Metro AreasPennsylvania Foreclosure Activity Up 43 Percent

IRVINE, Calif. – March 28, 2008 – The five-county Philadelphia metropolitan area reported 1,147 foreclosure filings in February, a 4 percent decrease from the previous month, but still a 47 percent increase from February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The city’s foreclosure rate of one foreclosure filing for every 1,399 households was well below the national average and lowest among five of the nation’s largest metro areas. Philadelphia’s foreclosure rate was lower than the foreclosure rates in New York, Los Angeles, Dallas and Chicago.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.
“Foreclosure activity is down in the Philadelphia metropolitan housing market most likely because many local homeowners opted for more conservative mortgage products,” said James J. Saccacio, chief executive officer of RealtyTrac. “Metropolitan Philadelphia has fared far better than most other large metro areas.”
Philadelphia County accounts for majority of metro foreclosure activityPhiladelphia County reported 675 properties with foreclosure filings in February, the most of any county in the metro area, and a 28 percent decrease from the previous month. Despite the decrease, Philadelphia County documented the highest foreclosure rate among metro counties, with one in every 977 households receiving a foreclosure filing in February — still below the national average.
Montgomery County reported the second highest county total in the metro area, 178 properties with foreclosure filings for the month. Montgomery County also posted the second highest foreclosure rate among metro counties, with one in every 1,734 households receiving a foreclosure filing.
The rest of the counties in the Philadelphia metro area also registered foreclosure rates below the national average in February. Bucks County reported 86 properties with foreclosure filings, one in every 2,762 households. Chester County reported 87 properties with foreclosure filings, one in every 2,055 households. Delaware County reported 121 properties with foreclosure filings, one in every 1,819 households.
Pennsylvania foreclosure activity up 43 percent Pennsylvania reported a total of 2,415 properties with foreclosure filings in February, a 43 percent increase from the previous month and a 22 percent increase from February 2007. The state’s foreclosure rate of one for every 2,245 households receiving a foreclosure filing registered far below the national average and ranked No. 34 among all the states.
A total of 223,651 properties with foreclosure filings were reported nationwide in February, a 4 percent decrease from the previous month, but still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the Philadelphia Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).