The monthly economic report said: far fewer homeowners in Philadelphia are facing foreclosure compared with other major cities’. Of the 330,000 homeowners across the country who received foreclosure filings last month, only 1,512 filings were from Philadelphia last month. From Chicago, at 4,395; Phoenix, 3,913; Los Angeles, 2,753; Houston, 1,754; and San Diego, 1,733.
One in every 389 U.S. homes received a foreclosure notice last month, but in Philadelphia, the foreclosure notice rate was one in every 438.
It is a good news for Philadelphia. And one of the reason is that the city had never experienced the overpriced real-estate “bubble” that occurred in high-growth areas such as Phoenix and other cities.
And the nationally recognized Philadelphia Residential Mortgage Foreclosure Diversion Program, created by Common Pleas Court, helped homeowners to save properties.
The program forces mortgage companies to negotiate with borrowers and to work out a way to give them some breathing room so they can stay in their homes,”