Saturday, February 16, 2008

Philadelphia Area Foreclosures Far Less than Other Regions.

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 area recorded 16,246 foreclosure filing in 2007. Camden, N.J., where foreclosures were up 42 percent, was 37th on the list with a foreclosure rate of 1.23 percent and 5,237 filings.
Read the entire article here:
This jives with my personal impression of the Philadelphia area market in early 2008. Buyers are out there and properties that show well and are priced correctly are moving. Days on market appears to be shortening.

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