The foreclosure properties in Philadelphia metropolitan area have climbed to 1,534 in the 2nd quarter of the year. This is a 27% increase from the previous quarter, with one foreclosure being listed for every 1,021 households. This statistic is much below the national average, putting Philadelphia metro area fourth on the top 5 largest metro areas foreclosure list. Furthermore, the latest RealtyTrac® U.S. Foreclosure Market Report suggests that Philadelphia foreclosures are higher than those in New York but lower than in Los Angles, Chicago, and Dallas.
The two things that go in favor of Philadelphia are the below-average rate of unemployment and a slow and steady appreciation in residential property prices. This also means that Philadelphia foreclosures have stayed in control and despite some erratic movements, the city’s foreclosures percentage is still well below the nation’s average and considerably lower in comparison to that in other larger metropolitan regions. This also means that the people of Philadelphia have more money and are able to pay off their monthly mortgages without having to miss any payment. The decline in foreclosure filings is an encouraging sign and the positive effects of this trend can be witnessed in other countries in the state of Pennsylvania as well.
The majority of the foreclosure activity reported in Philadelphia comes from the county itself. The Philadelphia country reported 1,122 foreclosure filings for the 2nd quarter, which is the most count for any county in the metropolitan area and a striking 14% hike from the previous quarter. However, good news is that the remaining counties in the metro area have recorded below national average foreclosure rates. Such as Bucks County that reported only 95 foreclosure filings and one per every 2,374 households. While Chester country has only 67 foreclosure filings and one per every 2,444 households, to Montgomery Country’s 64 filings and one per 4,647 households.
The Pennsylvania foreclosures are down by 18%. Though the state reported as many as 2,893 foreclosures, this has amounted to only 21% increase from the previous quarter and a 26% rise from the same time previous year. The state is currently ranked #29 among all the US states for foreclosure and is happy being below the nation’s average at one foreclosure filing per 1,8115 households.
Philadelphia foreclosures are showing a healthy trend of decline offering people more opportunities to invest in new developments while enjoying the fruits of their labor in a country that is increasingly facing foreclosure crisis.
The two things that go in favor of Philadelphia are the below-average rate of unemployment and a slow and steady appreciation in residential property prices. This also means that Philadelphia foreclosures have stayed in control and despite some erratic movements, the city’s foreclosures percentage is still well below the nation’s average and considerably lower in comparison to that in other larger metropolitan regions. This also means that the people of Philadelphia have more money and are able to pay off their monthly mortgages without having to miss any payment. The decline in foreclosure filings is an encouraging sign and the positive effects of this trend can be witnessed in other countries in the state of Pennsylvania as well.
The majority of the foreclosure activity reported in Philadelphia comes from the county itself. The Philadelphia country reported 1,122 foreclosure filings for the 2nd quarter, which is the most count for any county in the metropolitan area and a striking 14% hike from the previous quarter. However, good news is that the remaining counties in the metro area have recorded below national average foreclosure rates. Such as Bucks County that reported only 95 foreclosure filings and one per every 2,374 households. While Chester country has only 67 foreclosure filings and one per every 2,444 households, to Montgomery Country’s 64 filings and one per 4,647 households.
The Pennsylvania foreclosures are down by 18%. Though the state reported as many as 2,893 foreclosures, this has amounted to only 21% increase from the previous quarter and a 26% rise from the same time previous year. The state is currently ranked #29 among all the US states for foreclosure and is happy being below the nation’s average at one foreclosure filing per 1,8115 households.
Philadelphia foreclosures are showing a healthy trend of decline offering people more opportunities to invest in new developments while enjoying the fruits of their labor in a country that is increasingly facing foreclosure crisis.
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