FLORIDA FORECLOSURE ACTIVITY DOWN 10 PERCENT IN OCTOBER

Activity Up 165 Percent From September 2006; Foreclosure Rate Ranks No. 3

 

IRVINE, Calif. – Nov. 26, 2007 – Florida reported 30,190 foreclosure filings in October, the second highest foreclosure total in the nation. Total foreclosure activity in the state declined nearly 10 percent from September but was still almost 165 percent above the total filings reported for October 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 273 households was twice the national average and ranked third highest among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“For the second straight month foreclosure activity in Florida has declined; however, on a yearly basis the state total is still way ahead of this time last year, giving the state the nation’s second highest foreclosure filing total for the ninth straight month,” said James J. Saccacio, chief executive officer of RealtyTrac. “During the third quarter home sales statewide dropped 26 percent while the median home price was down 6 percent from a year ago. These factors alone are enough to keep many distressed homeowners from being able to sell their way out of foreclosure.

 

Although ranking second in the country, foreclosure activity in the Sunshine State lagged far behind national leader California by more than 20,000 foreclosure filings. Third ranked Ohio totaled nearly 13,000 fewer foreclosure filings than Florida, while fourth place Michigan tallied almost 16,000 fewer filings for the month. Texas came in fifth place with almost 18,000 fewer filings entering some stage of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in October were Georgia, Illinois, Nevada, New York and Arizona.

 

Five counties account for more than half of state’s filings

Total foreclosure filings in five Florida counties accounted for 52 percent of all filings in the state for October. Miami-Dade County posted the highest total for the month, 5,204 foreclosure filings. Broward County came in second reporting 4,568 foreclosure filings. The third highest total was reported in Palm Beach County, with 2,142 foreclosure filings. Lee County had the fourth highest total for the month, with 2,067 foreclosure filings, followed by Hillsborough County, in fifth place with 1,837 filings entering some stage of the foreclosure pipeline.

 

Lee County posts state’s highest foreclosure rate in October

With a rate of one foreclosure filing for every 151 households — 1.8 times the state average and 3.7 times the national average — Lee County posted the highest county foreclosure rate in the state for October. Broward County posted the state’s second highest rate, one foreclosure filing for every 173 households — 1.6 times the state average and 3.2 times the national average. Miami-Dade County came in a close third, with a rate of one foreclosure filing for every 178 households — 1.5 times the state average and 3.1 times the national average.

 

State a major contributor to nation’s total for the month

Total filings in Florida accounted for more than 13 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                        Florida Foreclosure Market by County – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

Florida

0

33

5,023

21,149

3,985

30,190

273

2.03

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

0

19

81

19

119

879

0.63

0.31

Baker

0

0

1

3

0

4

2,072

0.27

0.13

Bay

0

0

13

63

12

88

1,020

0.54

0.27

Bradford

0

0

0

5

2

7

1,420

0.39

0.19

Brevard

0

0

107

772

97

976

258

2.15

1.06

Broward

0

8

828

2,965

767

4,568

173

3.21

1.58

Calhoun

0

0

0

0

0

0

n/a

0.00

0.00

Charlotte

0

0

43

174

35

252

363

1.53

0.75

Citrus

0

0

40

132

26

198

354

1.57

0.77

Clay

0

0

22

139

3

164

400

1.39

0.68

Collier

0

1

52

308

51

412

440

1.26

0.62

Columbia

0

0

4

1

1

6

4,162

0.13

0.07

De Soto

0

0

1

25

5

31

458

1.21

0.60

Dixie

0

0

0

0

1

1

7,633

0.07

0.04

Duval

0

1

261

778

192

1,232

298

1.86

0.92

Escambia

0

0

25

210

32

267

504

1.10

0.54

Flagler

0

0

2

176

30

208

189

2.94

1.45

Franklin

0

0

1

6

3

10

806

0.69

0.34

Gadsden

0

0

1

11

3

15

1,217

0.46

0.22

Gilchrist

0

0

0

2

2

4

1,577

0.35

0.17

Glades

0

0

0

4

2

6

990

0.56

0.28

Gulf

0

0

1

10

1

12

708

0.78

0.39

Hamilton

0

0

2

3

0

5

1,027

0.54

0.27

Hardee

0

0

0

5

2

7

1,457

0.38

0.19

Hendry

0

0

1

26

5

32

396

1.40

0.69

Hernando

0

0

74

267

57

398

183

3.03

1.49

Highlands

0

0

7

48

7

62

837

0.66

0.33

Hillsborough

0

0

188

1,333

316

1,837

267

2.08

1.02

Holmes

0

0

0

0

0

0

 n/a

0.00

0.00

Indian River

0

1

14

100

15

130

542

1.02

0.50

Jackson

0

1

1

0

2

4

5,075

0.11

0.05

Jefferson

0

0

0

2

0

2

2,795

0.20

0.10

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

1

31

185

9

226

565

0.98

0.48

Lee

0

0

291

1,642

134

2,067

151

3.67

1.81

Leon

0

0

14

52

8

74

1,572

0.35

0.17

Levy

0

0

2

11

2

15

1,159

0.48

0.24

Liberty

0

0

0

1

0

1

3,226

0.17

0.08

Madison

0

0

0

1

1

2

4,049

0.14

0.07

Manatee

0

1

70

466

135

672

239

2.32

1.14

Marion

0

0

38

370

31

439

332

1.67

0.82

Martin

0

0

14

80

11

105

695

0.80

0.39

Miami-Dade

0

3

1,385

3,197

619

5,204

178

3.11

1.53

Monroe

0

0

9

44

13

66

802

0.69

0.34

Nassau

0

0

4

30

1

35

866

0.64

0.32

Okaloosa

0

0

17

91

9

117

749

0.74

0.36

Okeechobee

0

0

1

20

3

24

675

0.82

0.40

Orange

0

2

307

1,144

321

1,774

239

2.32

1.15

Osceola

0

1

61

380

76

518

197

2.81

1.39

Palm Beach

0

5

300

1,681

156

2,142

289

1.92

0.95

Pasco

0

1

56

453

66

576

353

1.57

0.77

Pinellas

0

1

203

871

214

1,289

384

1.44

0.71

Polk

0

1

115

541

102

759

338

1.64

0.81

Putnam

0

0

1

14

0

15

2,332

0.24

0.12

Saint Johns

0

0

10

81

4

95

788

0.70

0.35

Saint Lucie

0

3

60

524

61

648

181

3.07

1.51

Santa Rosa

0

0

7

73

16

96

591

0.94

0.46

Sarasota

0

0

95

666

237

998

209

2.65

1.31

Seminole

0

1

53

280

23

357

465

1.19

0.59

Sumter

0

0

7

25

3

35

1,022

0.54

0.27

Suwannee

0

0

0

0

0

0

 n/a

0.00

0.00

Taylor

0

0

0

4

0

4

2,479

0.22

0.11

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Volusia

0

1

150

542

37

730

325

1.71

0.84

Wakulla

0

0

1

12

1

14

858

0.65

0.32

Walton

0

0

12

16

2

30

1,247

0.44

0.22

Washington

0

0

1

3

2

6

1,658

0.33

0.17

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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