Philadelphia Bank Foreclosures Have Been on the Rise Lately

by Simon Lindsay on cities

Philadelphia bank foreclosures have been on the rise lately. They have been a rise of 17% in Pennsylvania foreclosures. The main counties responsible for the increase in the filings include Bucks and Delaware County while Chester and Montgomery County has seen a decrease in foreclosures.

There is a huge repository of foreclosure homes in the state and in Philadelphia. Infact the rate of Pennsylvania bank foreclosures remained quite high including in Philadelphia, which is one of the Top 5 Pennsylvania metropolitans. This was the third-highest foreclosure rate filed by Philadelphia in the last couple of months.

Nationwide also, there has been a surge in the filings and as a result most foreclosure listings show more than 550,000 properties available in 2,000 counties. Out of these 555 properties are in the list of Philadelphia bank foreclosures. The rate is one foreclosure per 1,193 homes.

Due to the increase in the number of foreclosure homes in Philadelphia, there has been an impact on the overall foreclosure of Pennsylvania. There has been one foreclosure per 2,068 households in Pennsylvania but the foreclosure rate of the state is below the Philadelphia foreclosure rate.

Philadelphia is not the only metropolitan that has seen an increase but there have been increases in the counties of Bucks and Delaware too. 181 foreclosures were reported in Bucks County, which is a 9.5% increase from July. The foreclosure rate in this county is one per 2,784 households.

As a result of these foreclosures there is a huge database of Philadelphia bank foreclosures available for purchase. You have to participate in an auction and the highest bidder will get the home. There are some really great modern and traditional styled homes available for purchase and that also at 15 to 20% less than the market price.