hemlock farms pa foreclosures
Pennsylvania Foreclosure Activity Reaches Four-Year High With More Than 5,300 Foreclosure Filings in July
By RealtyTrac Staff
An 8 percent increase from June.
Up 27 percent from a year ago.
Pennsylvania reported 5,316 properties with foreclosure filings for the month, an 8 percent increase from the previous month and 27 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
“Pennsylvania
foreclosures are higher than they’ve been since we began publishing our
report back in 2005,” said James J. Saccacio chief executive officer of
RealtyTrac. “The largest gain this month was in REO properties with
more than 1,600 residences seized. This number climbed 68 percent
compared to June. If unemployment continues to rise and home sales
continue to fall, this trend may not change for some time.”
Pennsylvania ranked 15th
in the country in total foreclosures reported for the month. With one
in every 1,030 housing units receiving a foreclosure filing, its
foreclosure rate ranked 34th among the 50 states.
Philadelphia County posts state’s top foreclosure rate in July
Philadelphia County posted the highest county foreclosure rate in Pennsylvania for July, with one in every 382 housing units receiving a foreclosure filing — 2.7 times the state average. Montgomery County
came in second highest, with one in every 574 housing units receiving a
foreclosure filing during the month — 1.8 times the state average. Bucks County
documented the third highest foreclosure rate, where one in every 583
housing units received a foreclosure filing — 1.8 times the state
average.
Five counties account for bulk of state activity in July
Five counties accounted for 66 percent of state’s foreclosure activity for July. Philadelphia County tallied the highest activity level, reporting 1,728 properties with foreclosure filings for the month. Montgomery County came in second, documenting 546 properties with foreclosure filings. Allegheny County tallied 537 properties with foreclosure filings, the third highest total in the state. Bucks County was fourth, reporting 412 properties with foreclosure filings, followed by fifth place Delaware County, where 277 properties with foreclosure filings were reported for the month.
Pennsylvania a minor contributor to nation’s foreclosure activity in July
Foreclosure activity in Pennsylvania represented less than one percent of the 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 U.S. housing units received a foreclosure filing during the month.
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