Philadelphia Foreclosure Has Not Crossed National Average

November 4th, 2008

Philadelphia Foreclosure Has Not Crossed National Average
It is indeed good news that the foreclosure filings in the city of Philadelphia that increased in the third quarter is still lying below the national average. On the other hand the number of foreclosure filing in Camden, New Jersey real estate has maneuvered that number. There has been a 48 percent increase in foreclosure filings during the third quarter in Philadelphia as compared to the figure a year back.

Camden has witnessed a surge of nearly 264 percent that is much above the national average figure, which stands at 71 percent. The states of Ohio, Nevada, California, Arizona, Florida, and Michigan made up for 60 percent of the foreclosure activity. Atlanta and Detroit are the only cities that are outside Florida, Arizona, California, and Nevada to fall under the category of 20 hardest hit metropolitan areas.

The city of Philadelphia holds 68th position in its number of foreclosure filings. It has been found that nearly 0.33 percent of all homes in this city are passing through some state of foreclosure activity. The 5,378 filings that took place in the third quarter show an increase of 8 percent from the second quarter. Camden happens to be the 39th rank holder among the top 100 markets of US that are facing foreclosure. It has been seen that nearly 0.59 percent of all homes in Camden are in some foreclosure state. The 2,837 filings that took place in the third quarter show an increase of 78 percent as compared to the second quarter.

Pennsylvania is the 39th rank holder out of the 50 states where one out of every 1,302 homes is in some state of foreclosure. The number of foreclosure filings in September went down by nearly 15 percent from the figure of August. However, it shows an increase of about 9.6 percent from the figure of September, 2007. New Jersey ranks 8th in its number of foreclosure filings where one out of every 453 homes are in some state of foreclosure. There has been an 18 percent increase in New Jersey from the August figure and also a 48 percent increase from the figure last year during the same month.

On the national front, there has been a decline of about 12 percent in the month of September as compared to August. This has been possible due to the new state laws whereby it has been specified that the borrowers has to be given a definite time period before a foreclosure proceeding is carried out by the lender.