York County foreclosures down more than 60 percent from 2010 peakMidstate foreclosure filings continue to fall in hot housing market
As the housing market has heated up, foreclosure filings have fallen significantly from peaks seen after the last recession.
Following the housing market crash, York County was one of the top foreclosure hotspots in the country. And while it remains a top 60 market for foreclosures, filings in the county have dropped by more than 60 percent, according to California-based ATTOM Data Solutions.
In York County, there were 1,187 foreclosure filings last year, the most in Central Pennsylvania. That equates to about one in every 152 homes in the county.
Nonetheless, volume in York County is down about 41 percent from 2016 and 62 percent from 2010, when there were 3,154 foreclosure filings in the county, according to ATTOM, which released its 2017 U.S. foreclosure report today.
The report shows a 76 percent decrease in national foreclosure filings last year compared with 2010. There were 676,535 filings across the country last year, down from nearly 2.9 million to start the decade.
Pennsylvania finished 2017 with 30,904 foreclosure filings, down about 29 percent from 2016. The peak year for the commonwealth was 2010 when there were 51,278 new filings.
As the economy has improved, buyer demand has increased, especially over the last five years in Central Pennsylvania. Home sales have continued to rise, which has also driven down the supply of homes for sale.
The scarcity of supply has helped to limit home purchases to the most highly qualified and low-risk borrowers, according to ATTOM, a situation that cuts foreclosure rates.
In Central Pennsylvania, the lowest foreclosure rate can be found in Cumberland County, which has been the commonwealth's fastest-growing county this decade. There were 395 filings last year in the county, or one in 258 homes.
Trailing York County were Dauphin and Lancaster counties. Both saw foreclosure filings in one out of 195 homes last year. There were 1,054 filings in the larger Lancaster County, which has 205,587 housing units, and 624 in Dauphin County, which has 121,546 homes.
For those two counties, the peak year for foreclosure filings was 2013, according to ATTOM. Dauphin County posted a high of 1,305 filings that year, while Lancaster County saw 1,720.
Lebanon County saw 231 foreclosure filings last year, or about one in 242 homes.
By metropolitan area, York-Hanover was No. 55 last year nationally for foreclosure rate, according to ATTOM. Atlantic City-Hammonton, N.J., was No. 1 with one in 37 homes in foreclosure last year. The Philadelphia metro area was third at one in 80 homes.
The Baltimore region was No. 8, while Reading and the Lehigh Valley region including Allentown, Bethlehem and Easton were No. 12 and No. 20, respectively.
Lancaster County was No. 89, while the Harrisburg area was No. 113.