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Philadelphia Foreclosure Activity Up 44 Percent In September

  

realtytrac.com | January 9, 2015

IRVINE, Calif. – Oct. 26, 2007 – The five-county Philadelphia metropolitan area reported 1,902 foreclosure filings in September, a 44 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 844 households — below the national average and second lowest among five of the nation’s largest metro areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Philadelphia’s foreclosure rate was higher than the foreclosure rate in New York, however, lower than the foreclosure rates in 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.

“Solid home price appreciation has thus far kept Philadelphia foreclosure activity in check,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite the jump in foreclosure activity in September, the city’s foreclosure rate is still below the national average and low in comparison to other major metropolitan areas.”

Philadelphia County accounts for majority of metro foreclosure activity
Philadelphia County reported 1,525 foreclosure filings in September, the most of any county in the metro area and a 106 percent increase from the previous month. The county’s foreclosure rate of one foreclosure filing for every 433 households was the highest among metro counties and above the national average.

Delaware County reported the second highest county total in the metro area, with 146 foreclosure filings for the month — a 17 percent decrease from the previous month. The county’s foreclosure rate of one foreclosure filing of one foreclosure filing for every 1,508 households was below the national average.

The rest of the counties in the Philadelphia metro area also registered foreclosure rates below the national average in September. Montgomery County reported 124 foreclosure filings, one for every 2,490 households, Bucks County reported 60 foreclosure filings, one for every 3,959 households, and Chester County reported 47 foreclosure filings, one for every 3,804 households.

Pennsylvania foreclosure activity up 23 percent
Pennsylvania reported a total of 3,821 foreclosure filings, a 23 percent increase from the previous month and a 22 percent increase from September 2006. The state’s foreclosure rate of one new foreclosure filing for every 1,419 households registered far below the national average and ranked 25th among the 50 states.

A total of 219,850 foreclosure filings were reported nationwide in September, an 8 percent decrease from the previous month but still a 96 percent increase from September 2006. The national foreclosure rate was one foreclosure filing for every 566 households.

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).

 

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