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Foreclosures bigger problem in N.J. than PA.

ServicesSource: Philadelphia Business Journal

Foreclosure filings in Pennsylvania fell by 4.39 percent from September to October, while New Jersey saw a 10.64 percent increase, according to data released Thursday by foreclosure data tracker RealtyTrac.

Foreclosures were up 5 percent nationally month to month.

Pennsylvania’s foreclosure rate of one filing per every 1,362 homes was well below the national average of 1 for every 452 homes and has the state ranked No. 32 out of 50. But foreclosures were up 26 percent compared to October 2007.

New Jersey was ranked eighth nationally with a foreclosure filing rate of one out of every 410 homes, a nearly 75 percent increase from October 2007.

Nationally, foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 279,561 U.S. properties during the month, a 25 percent increase from October 2007.

“We’ve seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states — most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels,” RealtyTrac CEO James J. Saccacio said. “Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.

“While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures. And in the meantime, the apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states.”

Nevada posted the nation’s highest state foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units receiving a foreclosure filing during the month — more than six times the national average. That represented an increase of 11 percent from the previous month and nearly 119 percent from October 2007.

With one in every 149 housing units receiving a foreclosure filing in October, Arizona registered the second highest state foreclosure rate, which represented an increase of nearly 35 percent from the previous month and was up 176 percent from October 2007.

One in every 157 Florida housing units received a foreclosure filing in October, the nation’s third highest state foreclosure rate, which was an increase of 13 percent from the previous month and was up nearly 80 percent from October 2007.

Other states with foreclosure rates ranking among the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.

Las Vegas documented the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report, with one in every 62 housing units receiving a foreclosure filing in October — more than seven times the national average. California and Florida were each home to four of the top 10 metro areas for foreclosure rates.

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