Philadelphia Metropolitan Area Real Estate Law Blog

According to recent data released by RealtyTrac last week, foreclosure filings in April were higher than they were last year in New Jersey and Pennsylvania. In Philadelphia, the number of foreclosures reportedly fell around 11 percent from March, but was 24 percent higher than they were last April. The increase in foreclosures in Philadelphia has reportedly been going on for the last six months. Statewide, filings were about 4 percent higher than March and nearly 17 percent higher than last year.

According to the Philadelphia Inquirer, foreclosure filings in the Philadelphia metropolitan area rose nearly 50 percent from last February. The numbers indicated that one in 828 homes had foreclosure filings, a 47.2 increase from last February. Mortgage defaults reportedly increased 35 percent over the same time period. The numbers are not surprising, as half of the largest metro areas in the United States reported increases in foreclosure activity over the last year.

Our Philadelphia readers have likely heard by now about the recent settlement agreement between the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and state governments over alleged foreclosure abuse. The agreement, which was reached last month, is still in the process of receiving approval. If it is approved, certain homeowners may be able to receive compensation, reduction in their principal, or refinancing of their loans.