Foreclosure rate in Philadelphia, PA drop by 30%
It’s good new for Philadelphia. The first quarter of 2008 has brought in good news, with the foreclosure rate falling by almost 30% as compared to same time last year. The lowering count of foreclosure homes in this metropolitan region has bucked the national trend that witnessed hectic filing activity with one per 194 households. Philadelphia now stands at #82 position on the 100 metro areas for foreclosures by states list put together by ForeclosureDataBank.com, a leading online realty website.
Six cities from California State, along with Las Vegas, Detroit, Phoenix, and Fort Lauderdale in Florida have made it to the top 10 in this list. The leader in the list is Stockton, California that showed 7,560 foreclosures or one per every 30 households, which is an increase of a staggering 292% from the same period in 2007.
Philadelphia region which has eight counties logged 3,064 foreclosure filings, or one per every 527 households, which is a fall of almost 30% according to data submitted by ForeclosureDataBank. Bucking the national trend of rapidly increasing foreclosure homes for sale count, Pennsylvania State witnessed a combined count of 633 foreclosures sales for Jan-Feb 2008. This is an increase of 16% from 2007.
According to the Pennsylvania State Law for foreclosures, the process of foreclosure needs to be completed within a stipulated 300 days time period from the time the lender initiates foreclosure proceeding. This is by far the longest time for completion of foreclosure proceedings as compared to states such as California where the period if 135 days or Virginia which has the shortest time limit of 60 days only.
The number of Pennsylvania foreclosure homes is low also because the State has programs to help homeowners on the brink of foreclosure.
