Florida Foreclosure Activity Continues to Rise in August

Foreclosure activity in Florida rose 10 percent in August to 62,401 properties with foreclosure filings, a 42 percent increase from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 140 Florida housing units received a foreclosure filing in August, the second highest foreclosure rate in the nation.

 

Florida’s foreclosure activity rose for the second straight month in August, maintaining the state’s ranking as the second worst affected state in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding to the Sunshine State’s foreclosure woes is its high level of unemployment, which held relatively steady at 10.7 percent in August, even as construction jobs were added and teachers went back to work in their classrooms. With nearly one million Floridians unemployed — the highest figure since 1975 — relief doesn’t appear to be coming anytime soon.”

 

Despite its ranking as the state with the second highest foreclosure total in the nation, Florida was well below national leader California, which maintained the top position with 92,326 properties with foreclosure filings in August. Michigan took over the number three slot, reporting 19,359 properties with foreclosure filings for the month. Nevada narrowly remained in fourth place, documenting 17,902 properties with foreclosure filings, and Arizona, which fell two spots to fifth place, reported 17,807 properties with foreclosure filings.

 

The remainder of the nation’s top 10 states for total foreclosure filings in August were Illinois (13,078), Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Osceola County posts state’s top foreclosure rate in August

With one in every 48 housing units receiving a foreclosure filing — 7.4 times the national average and 2.9 times the state average — Osceola County posted the highest county foreclosure rate in the state for August. Broward County had the second highest rate, with one in every 79 housing units receiving a foreclosure filing during the month — 4.5 times the national average and 1.8 times the state average. Third highest rate was documented in Saint Lucie County, where one in every 79 housing units received a foreclosure filing — also 4.5 times the national average and 1.8 times the state average.

 

Broward County leads the state in foreclosure totals for August

Broward County tallied the state’s highest activity level in August, reporting 10,165 properties with foreclosure filings. Miami-Dade County came in second, documenting 8,898 properties with foreclosure filings for the month. Reporting 5,486 properties with foreclosure filings for the month, Orange County reported the third highest total in the state. Palm Beach County was fourth highest, reporting 4,150 properties with foreclosure filings, while the fifth highest total was in Lee County, where 4,113 properties with foreclosure filings were reported for the month.

 

State a major contributor to the nation’s foreclosure activity in August

Florida accounted for 17 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Florida Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Florida

1

39,507

1

16,446

6,446

62,401

140

2.55

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

1,653

0

481

305

2,439

48

7.40

2.90

Broward

0

5,099

0

3,652

1,414

10,165

79

4.52

1.77

Saint Lucie

0

899

0

521

229

1,649

79

4.51

1.76

Orange

0

3,624

0

1,737

125

5,486

83

4.32

1.69

Lee

0

1,799

0

1,647

667

4,113

88

4.08

1.60

 

 

Florida Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Florida

1

39,507

1

16,446

6,446

62,401

140

10.47

41.82

 

 

 

 

 

 

 

 

 

 

Broward

0

5,099

0

3,652

1,414

10,165

79

19.45

43.09

Miami-Dade

0

6,098

0

2,101

699

8,898

109

23.76

74.92

Orange

0

3,624

0

1,737

125

5,486

83

32.19

77.71

Palm Beach

0

3,447

0

570

133

4,150

154

56.49

110.02

Lee

0

1,799

0

1,647

667

4,113

88

-26.68

-19.86

 

 

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