Foreclosures Are Up in New Jersey, Pennsylvania and the Philly Metro Area
According to a RealtyTrac report released today, May saw an increase in foreclosure activity across the country by 2 percent. This is attributable to banks getting busy with repossessions–up 11 percent last month. It could be a lot worse, though: It’s still 28 percent below where it was in May 2012.
In the tri-state area, bank repossessions were up 19 percent in Pennsylvania, while foreclosure starts were up 26 percent in PA and up 82 percent in New Jersey. Reading, Pa., ranked in the top 10 foreclosure rates with one in every 301 housing units foreclosed on, and Philly’s foreclosures increased, though not nearly as much as Baltimore’s!