Foreclosure inventory is defined as the number of homes in some stage of the foreclosure process. Pennsylvania has 2.4% of its homes in various stages of foreclosure, meaning that their foreclosure inventory is higher than the national average of 2.1%. However, this is down from the state's 2012 average of 2.9%.
PA, with over 14,000 completed foreclosure for the year, has the nation's fifth highest number for judicial foreclosures; meaning they must go through the state's legal process before being seized.
The five states that rank highest in completed foreclosures: Florida (115,000), Michigan (54,000), California (42,000), Texas (40,000) and Georgia (36,000) are non-judicial foreclosure states.
Nationally there is about 812,000 homes in foreclosure. Over 5%, or about 2 million homes are in what is considered serious delinquency, defined as more than 90 days past due. Pennsylvania has about 5.5% of it homes listed in the same condition.