RealtyTrac Says Philly Was Still Mired in Foreclosure Filings Last Year


In spite of national foreclosure filings taking a dip in 2014, RealtyTrac says their data and analysis of the Greater Philadelphia Area found it “still mired in foreclosures, short sales, and bank repossessions” last year.

Oh, bother.

According to the Inquirer, RealtyTrac’s report mentions distressed homes and zombie properties that depress prices in certain neighborhoods as the culprits. Also noted are slow-moving judicial foreclosure backlogs:

“The list of states with increased activity in the last months of 2014 includes those with judicial foreclosure backlogs, such as Massachusetts, New Jersey, Pennsylvania, and New York.”

Such backlogs mean that in New Jersey and Pennsylvania, the foreclosure process often takes three years or more. Many mortgage lenders deferred pursuing foreclosures because of the backlogs, and the 2014 increase reflected attempts to catch up.

H/T: Foreclosures down nationwide, still increasing in Phila. region [Inquirer]