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Though economic indicators are still on the gloomy side, Philly has at least one positive sign it can boast on.  Philadelphia’s City Controller says fewer homeowners [in the city] are facing foreclosure compared with other major cities.”

City Controller Alan Butkovitz, who discussed the finding in a recent report, said that part of the reason was that Philadelphia didn’t see the collapse of the real-estate “bubble” that occurred in high-growth areas in western and southern cities like Houston and Los Angeles.

Butkovitz also credited Philadelphia’s Residential Mortgage Foreclosure Diversion Program, created by Common Pleas Court, as a factor in the lower foreclosure rate.