Philadelphia Homeowners Received Fewer Foreclosure Notices than Other Large Cities

Audit Date: November 29, 2010
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
Nov. 30, 2010

Contact: Brian Dries

Philadelphia Homeowners Received Fewer
Foreclosure Notices than Other Large Cities
Butkovitz’ monthly economic report compares the City’s foreclosure filings
against the most populous U.S. cities

Click here to view economic report

PHILADELPHIA – Of the 330,000 homeowners across the United States who received a foreclosure filing in October, 1,512 of these filings came from Philadelphia — a figure that’s much lower than the nation’s most populous cities, according to City Controller Alan Butkovitz’ monthly economic report.

All cities and its homeowners are greatly impacted by any number of foreclosures, but in Philadelphia the impact has been less severe and even better than the national rate. One in every 389 U.S. homes received a foreclosure notice in October whereas Philadelphia was one in every 438.

Overall, there are currently 9,926 homes in Philadelphia filed in foreclosure. The following is a list of other large U.S. cities and their total and monthly foreclosure filings:
Total Current Foreclosures October Foreclosures
Chicago 37,392 4,395
Phoenix 26,878 3,913
Los Angeles 18,157 2,753
Houston 11,167 1,754
San Diego 10,240 1,733
Philadelphia 9,926 1,512

Along with a look at the City’s foreclosure filings, the Controller’s economic report includes the monthly City and PICA revenues, which totaled $168.7 million, an eight percent increase from the previous month, and $12.9 million more than collections in September 2009.

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. Both of these documents are a useful tool for policy makers and analysts in understanding our regional and local economy.