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.

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The Sheriff of Philadelphia has stated that the network of counseling and credit mastering agencies that have attempted to help the families under threat of foreclosure or facing the loss of property through foreclosure, desperately need the City’s focus. So, the Sheriff and his committee has chosen to take actions in their hands and take an initiative program that would focus on helping the already financially challenged as well as those who are in need of help. He thinks that it is wiser to keep the financially troubled families who are still credit-worthy, borrowers in their own homes. For them, getting foreclosed would only put them into the throes of their own problems. He says that in his three-point plan, a declaration of Neighborhood Security meant to act for safeguarding the “Right to Protect Our Homes”, has given very positive results.

This is a proposal to make large-scale publicity campaigns against mindless borrowing. This comes as a red alert for those on the borderline and suffering from possible foreclosure. In their alerts their payments that are falling behind will be informed to them much before time. There will also be a repayment plan that would negotiate a sustainable and suitable plan that can not only delay, but ward off foreclosure in the long-run.

The community-wide call is meant to collaborate the long-term as well as short-term legislative structures that would deal with the issues of attorney fees, the necessity of a third party involvement, as well as home loans to provide the assistance from temporary mortgage to FHA borrowers. The plan actually looks forward to make a rally for the community, and support and provide greater relief in the neighborhoods that have been hit by higher foreclosure tides.

Rallying community support is part of the plan too. This is in looking forward to creating relief in the neighborhoods that would be hit the hardest by foreclosures in Philadelphia. 2004 is a year that the Sheriff noticed that there was a surprising rise in the amount of real estate properties that went up for sale. This rise was again noticed in 2007. The City Councilman Curtis Jones also took notice that this was a repetitive behavior that took a surprising turn in the form of an indefinite turn. 2008 has been the year when the Sheriff has finally called for a moratorium for foreclosures. He attempts to bring public consciousness to the forefront bringing forward practical means for help as well. Green is still happy that his office has generated some positive results so far.

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