By now, you’ve likely heard that mortgage delinquency and foreclosure rates are rising rapidly but Philadelphia foreclosures are far fewer. Foreclosures in the Philadelphia area dropped by 32 percent last year, according to RealtyTrac. The California company, which tracks foreclosures, released its Year-End 2007 Metropolitan Foreclosure Report, ranking the nation’s 100 largest metro areas by percentage of total households entering some stage of foreclosure. Philadelphia was 79th, with a foreclosure rate of 0.492 percent of households.
The scenario is not one of doom and gloom as buyers are out there and properties that show well and are priced correctly are moving. Days on market are down slightly at 67 days average for the month of February and should shorten as spring approaches.