Foreclosure Numbers in the Northeast
Foreclosure rates in Philadelphia and its surrounding counties are lower than in the rest of the country while the number of foreclosures for Philly's neighbors in New Jersey have risen over 50%.
In the first quarter of 2007, pending existing-home sales for this region were down just 5.3 percent, or 685 houses, compared with the same period in 2006, according to data compiled by Trend, the multiple-listing service (MLS). It took about two weeks longer to sell a house this year than it did last year, but median prices continued to increase, the Trend data showed.
According to this article, one reason why the Philadelphia housing market is not experiencing the same high foreclosure rates as other cities could be attributed to borrowers in this region are more likely to have a 30 year fixed rate loan versus an adjustable ARM. Another reason could also be that the home prices in the Philadelphia market did not experience the same run-up during the height of the real estate boom over the past few years. New York, New Jersey and Washington saw their home values rise dramatically and many owners rushed to take equity out of their homes so they could pay off credit cards or take on renovations. Many of those homeowners are now upside down on their homes.
Top Ten Highest Foreclosure States
Nevada
Colorado
Georgia
Michigan
California
Florida
Arizona
Ohio
Texas
New Jersey
