FLORIDA FORECLOSURE ACTIVITY DECREASES 12 PERCENT IN FIRST QUARTER

State Activity Up 36 Percent From Q1 2008; Foreclosure Rate Ranks No. 4

Monthly Activity Up 2 percent in March, Surges 56 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 119,220 Florida properties in the first quarter of 2009, a 12 percent decrease from the previous quarter but still 36 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 73 Florida housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation.

 

The Sunshine State reported 47,131 properties with foreclosure filings in March, a 2 percent increase from the previous month and 56 percent above its March 2008 total.

 

“Although foreclosure activity decreased significantly in the first quarter, the numbers are still way above where they were a year ago, said James J. Saccacio, chief executive officer of RealtyTrac. “The state lost more than 400,000 jobs during the past year, and its unemployment rate is now well above the national average. These factors, in addition to the sharp decline in home prices and large number of unsold homes in inventory are key to the continuing rise in foreclosures.”

 

Although Florida documented the second highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — with one in every 73 housing units receiving a foreclosure filing during the quarter — came in fourth behind Nevada, Arizona, and California. One in every 27 Nevada housing units received a foreclosure filing during the quarter, while one in every 54 Arizona housing units and one in every 58 California housing units received foreclosure filings during the quarter.

 

Other states with foreclosure rates among the 10 highest were Illinois, Michigan, Georgia, Idaho and Utah.

 

Five counties account for bulk of state foreclosure total for the quarter

Five Florida counties accounted for 47 percent of the state’s overall foreclosure activity during the first quarter. Lee County came in first place, reporting 13,875 properties with foreclosure filings. Broward County was second, reporting 12,793 properties with foreclosure filings for the quarter. Miami-Dade County was close behind in third, reporting 12,420 properties with foreclosure filings. Orange County registered the fourth highest total, documenting 9,667 properties with foreclosure filings. Fifth highest total was tallied in Hillsborough County, where 7,555 properties with foreclosure filings were reported.

 

Lee County scores highest rate in the state for first quarter

With one in every 26 housing units receiving a foreclosure filing — 2.8 times the state average and 6.1 times the national average — Lee County posted the highest county foreclosure rate in the state during Q1 2009. Osceola County came in second, with one in every 33 housing units receiving a foreclosure filing — 2.2 times the state average and 4.8 times the national average. Third highest rate was documented in Saint Lucie County, where one in every 36 housing units received a foreclosure filing during the month — 2.1 times the state average and 4.5 times the national average.

 

State a significant contributor to nation’s foreclosure total for Q1 2009

Florida accounted for 15 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                              Florida Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%? from Q4 08

%? from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Florida

0

70,114

183

33,035

15,888

119,229

73

-12.19%

35.64%

 

 

 

 

 

 

 

 

 

 

Alachua

0

366

0

222

53

641

169

31.35%

93.07%

Baker

0

27

0

5

6

38

230

22.58%

111.11%

Bay

0

522

0

207

108

837

117

14.50%

77.71%

Bradford

0

31

0

3

2

36

281

28.57%

44.00%

Brevard

0

2,065

6

734

338

3,143

84

-4.47%

36.41%

Broward

0

4,369

27

5,665

2,732

12,793

63

-14.40%

17.09%

Calhoun

0

8

0

0

0

8

681

0.00%

166.67%

Charlotte

0

958

1

437

113

1,509

66

-14.55%

43.17%

Citrus

0

316

0

157

68

541

139

-25.38%

5.66%

Clay

0

479

1

163

39

682

105

-23.28%

27.24%

Collier

0

2,089

6

1,007

669

3,771

51

10.49%

127.31%

Columbia

0

75

0

41

15

131

198

24.76%

235.90%

De Soto

0

59

0

4

19

82

177

-48.10%

12.33%

Dixie

0

14

0

2

3

19

413

35.71%

111.11%

Duval

0

2,194

6

702

775

3,677

106

-12.26%

7.83%

Escambia

0

586

0

234

93

913

152

5.43%

24.90%

Flagler

0

520

1

67

38

626

77

-23.19%

-2.95%

Franklin

0

49

0

1

7

57

149

-13.64%

32.56%

Gadsden

0

63

0

22

2

87

217

-20.91%

27.94%

Gilchrist

0

13

0

12

3

28

231

0.00%

40.00%

Glades

0

9

0

0

2

11

552

120.00%

0.00%

Gulf

0

54

0

13

15

82

106

57.69%

105.00%

Hamilton

0

13

0

10

0

23

226

9.52%

155.56%

Hardee

0

29

1

10

5

45

233

4.65%

60.71%

Hendry

0

105

0

60

10

175

76

-14.22%

71.57%

Hernando

0

797

3

239

179

1,218

66

-5.21%

27.41%

Highlands

0

366

1

132

60

559

97

12.25%

154.09%

Hillsborough

0

5,218

14

1,856

467

7,555

68

-4.31%

46.08%

Holmes

0

10

0

6

0

16

521

60.00%

166.67%

Indian River

0

552

1

124

49

726

106

-18.52%

40.70%

Jackson

0

45

0

19

2

66

312

50.00%

65.00%

Jefferson

0

4

0

0

0

4

1,445

-63.64%

-33.33%

Lafayette

0

4

0

0

0

4

704

0.00%

Lake

0

1,119

11

403

594

2,127

66

-3.71%

133.74%

Lee

0

6,716

16

5,182

1,961

13,875

26

-5.52%

36.11%

Leon

0

335

1

77

22

435

278

8.21%

45.97%

Levy

0

56

2

25

11

94

191

22.08%

108.89%

Liberty

0

4

0

0

0

4

813

0.00%

-33.33%

Madison

0

7

0

7

1

15

548

-46.43%

50.00%

Manatee

0

1,739

4

486

157

2,386

71

4.37%

46.65%

Marion

0

1,070

3

569

164

1,806

88

8.34%

63.59%

Martin

0

529

2

166

71

768

99

1.05%

67.69%

Miami-Dade

0

7,132

15

3,486

1,787

12,420

78

-37.87%

6.13%

Monroe

0

339

0

87

35

461

117

-6.30%

68.25%

Nassau

0

200

1

46

25

272

121

39.49%

81.33%

Okaloosa

0

530

0

142

37

709

131

3.35%

68.01%

Okeechobee

0

101

1

45

24

171

97

17.93%

92.13%

Orange

0

5,031

10

3,655

971

9,667

47

-5.83%

67.83%

Osceola

0

2,370

6

721

451

3,548

33

-9.10%

47.46%

Palm Beach

0

4,145

13

531

575

5,264

121

-20.35%

11.08%

Pasco

0

1,841

2

216

573

2,632

83

-25.80%

36.02%

Pinellas

0

3,382

4

1,314

359

5,059

99

-12.91%

34.98%

Polk

0

2,023

5

325

911

3,264

85

-18.07%

33.33%

Putnam

0

90

1

58

29

178

199

1.71%

165.67%

Saint Johns

0

650

0

268

95

1,013

82

8.81%

128.67%

Saint Lucie

0

2,128

6

1,247

290

3,671

36

-3.34%

63.88%

Santa Rosa

0

310

0

175

54

539

109

2.08%

41.84%

Sarasota

0

2,095

4

276

230

2,605

85

-15.12%

-2.51%

Seminole

0

1,652

3

538

134

2,327

74

13.13%

60.93%

Sumter

0

87

0

39

15

141

312

9.30%

95.83%

Suwannee

0

30

0

23

4

57

294

21.28%

5.56%

Taylor

0

10

0

0

3

13

773

-7.14%

44.44%

Union

0

0

0

0

0

0

-100.00%

Volusia

0

1,954

4

707

384

3,049

81

-2.02%

53.60%

Wakulla

0

53

0

0

4

57

231

-12.31%

29.55%

Walton

0

352

1

66

41

460

90

1.32%

204.64%

Washington

0

25

0

1

4

30

335

25.00%

50.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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