Philadelphia Real Estate Blog

Center City Philadelphia
Condos and Lofts


Subscribe To Receive
 Blog Updates By Email


April 2024

January 20, 2009

Putting Foreclosures into perspective

Filed under: Center City Real Estate,General Real Estate — Center City Philadelphia Real Estate Agent @ 4:38 pm

One of the most distressing real estate topics we hear in the news is the foreclosure rate.  Realty Trac, the California based company that tracks foreclosure information, just released the news that foreclosures rose 81% in 2008.  But to put this in the proper perspective, one needs to consider two things:
The total percentage of homes in foreclosure is 1.84%.  An 81% increase appears dramatic, but the fact is that this overall percentage rate is relatively small.

The majority of foreclosures are in areas of the country where real estate values rose at unsustainable rates and/or land available for development caused excess new construction.  These include the coastal areas of California and Florida, as well as Arizona and Las Vegas, Nevada.  One of the primary reasons that there has been steep price declines in these areas is because of the number of foreclosed properties on the market. 
The eight-county Philadelphia region placed 77th of 100 metro areas nationwide in the number of foreclosure filings recorded in 2008, not too bad.

If you are looking to find a great deal here in Center City Philadelphia, give me a call at 215.521.1523 or drop me an email at

Mark Wade
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Tags: , , , , , , , , , ,

• • •

1 Comment »

  1. […] […]

    Pingback by Posts about Tri-State Real Estate (FL, GA and AL) as of January 21, 2009 | Real Estate Market Reports — January 21, 2009 @ 9:26 am

Comments RSSTrackBack URI

Leave a comment


530 Walnut Street, Suite 480
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Copyright Mark Wade | All rights reserved.
Site Admin | Log Out