Foreclosure Listings from Banks Priced Under Government Repos in Philadelphia

Jan. 19, 2011 - PRLog -- The latest study of foreclosure listings in Philadelphia County, Pennsylvania showed median prices at up to 50% below the market. RealtyStore (www.realtystore.com), the leading consumer-focused provider of foreclosure listings and data, conducted the study and found bank foreclosures edge out government foreclosures in terms of a both a lower median price and in gross number of foreclosures listed for sale in the area. 76% of REO foreclosure listings for sale are marketed by banks, while 24% are being sold from Freddie Mac / Fannie Mae foreclosure inventory, the VA or HUD homes inventory in Philadelphia.

However, not all foreclosuures are currently on the market for re-sale. According to the RealtyStore database, 70% of all foreclosures completed in the area are owned by banks, 27% are in the Freddie Mac / Fannie Mae foreclosure inventory, and HUD homes plus VA foreclosures comprise about 2% of all foreclosures in Philadelphia.

"In terms of REO foreclosure ownership, Philadelphia reflects data similar to what we've seen recently in markets like St Louis and Detroit," noted Peter Ranck, Vice President, RealtyStore. "These areas show government sponsored entities, or GSE's, such as HUD, the VA and Fannie Mae own about a combined 30% of all foreclosures in their respective markets. Prices on real estate foreclosures owned by GSEs in Philadelphia tend to run well below market averages. But in Philadelphia, Fannie Mae / Freddie Mac homes are running a higher median price than bank foreclosures at this time."

In terms of home prices, foreclosure listings in Philadelphia are posting a 50% lower median price than the market at large. The Philadelphia market median overall is $129,900 versus the $64,900 median for foreclosure listings in the area. Looking at price points by seller, HUD homes post the lowest median at $50,000. Bank foreclosures follow with a median price listed at $63,700. Bank foreclosures range in list price from $7,000 to $574,000 in Philadelphia. Freddie Mac or Fannie Mae foreclosure listings range from $5,900 to $339,000, and show a median price of $72,000 in this area.

When the government entity inventory in Philadelphia is considered in aggregate, Fannie Mae / Freddie Mac listings dominate the number of GSE homes for sale, driving the median price for these REOs to $73,900. Bank foreclosures in Philadelphia offer both a wider selection of properties and a 13% lower median price at $63,700 in the Philadelphia market.

Bank foreclosures in Pennsylvania can be accessed with http://www.realtystore.com/foreclosures/pennsylvania-fore...

Learn more about foreclosures http://www.realtystore.com/foreclosures

HUD homes listings research http://www.realtystore.com/foreclosures/hud-homes

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)