Foreclosure filings in the Philadelphia metro area in the second quarter were up 47 percent from the same period last year, compared to a 121 percent increase nationally, and up 62 percent from the first quarter of this year, compared to 14 percent for the nation, according to the RealtyTrac online marketplace for foreclosure properties.
Foreclosure activity continued to be much lighter in the Philadelphia area than in states including California and Florida that have been walloped by the housing downturn. But the Philadelphia area moved from No. 82 in foreclosure activity among the nation’s largest 100 metropolitan areas in the first quarter of this year to No. 72 in the second. The ranking is based on the percentage of properties receiving a foreclosure filing, which increased from one in every 527 to one in every 324.
RealtyTrac’s Second Quarter 2008 U.S. Foreclosure Market Report said foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 4,977 Philadelphia metro properties.
Nationally, there were 739,714 foreclosure properties during the first quarter, a 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter.
This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system — at which point the housing market can regain some sense of normalcy.