Get them talking, and most lifelong Philadelphians will tell you about what the city is lacking, like waterfront ammenities and sports championships. Now, we in Philadelphia finally have a deficiency we can all cheer about: foreclosed homes!
According to new numbers from the City Controller’s office, Philadelphia’s foreclosure rate is slightly better than the national average. In October, one in every 438 Philadelphia homeowners received a foreclosure notice, compared with one in every 389 households for the whole country.
In addition, the total number of foreclosures is fewer than many similarly (loose term) sized cities, including Chicago, Phoeniz, Los Angeles, Houston, and San Diego.