FLORIDA FORECLOSURE ACTIVITY DOWN 20 PERCENT IN JANUARY

Statewide Filings Increase 35 Percent From January 2008; Rate Ranks No. 4

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 40,770 Florida properties in January, down 20 percent from the previous month but still 35 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 214 Florida housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Although foreclosure activity declined slightly in Florida during January, the state continue to maintain its ranking as the second highest level of activity in the country,” said James J. Saccacio, chief executive officer of Realtytrac. “Despite recent increases in home sales activity, home prices have fallen approximately four times the national average over the past year. Plus, rising unemployment is a largely influential factor in the volume of foreclosures seen around the state.”

 

Despite its second place ranking, the Sunshine State paled in comparison to national leader California, which reported 76,761 properties with foreclosure filings in January. Arizona took third position for the second straight month, reporting 14,674 properties with foreclosure filings. Illinois came in a close fourth, documenting 14,447 properties with foreclosure filings, followed by Nevada which took fifth place by a narrow margin, reporting 14,444 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in January were Michigan, Ohio, Georgia, Texas and Virginia.

 

Five counties account for bulk of state activity in January

Five Florida counties accounted for 49 percent of all foreclosure activity in the state during January. Miami-Dade County led the pack, reporting 5,253 properties with foreclosure filings for the month. Lee County was second highest, reporting 4,489 properties with foreclosure filings. Broward County came in a close third, reporting 4,403 properties with foreclosure filings. Orange County placed fourth, documenting 2,943 properties with foreclosure filings. Fifth highest total activity was in Hillsborough County, where 2,834 properties with foreclosure filings were reported.

 

Lee County posts state’s highest foreclosure rate for January

With one in every 80 housing units receiving a foreclosure filing — 2.7 times the state average and 5.8 times the national average — Lee County reported the highest foreclosure rate in the state for January. Saint Lucie County posted the state’s second highest rate, with one in every 95 housing units receiving a foreclosure filing — 2.3 times the state average and 4.9 times the national average. Third highest rate was documented in Osceola County, where one in every 142 housing units received a foreclosure filing during the month — 1.5 times the state average and 3.3 times the national average.

 

State a major contributor to nation’s foreclosure total in January

Florida accounted for 15 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 Foreclosure Market Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Florida

0

24,743

0

10,433

5,594

40,770

214

2.18

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

107

0

15

9

131

828

0.56

0.26

Baker

0

4

0

3

1

8

1,093

0.43

0.20

Bay

0

160

0

80

46

286

342

1.36

0.62

Bradford

0

10

0

2

0

12

844

0.55

0.25

Brevard

0

705

0

185

183

1,073

247

1.89

0.87

Broward

0

1,635

0

1,787

981

4,403

182

2.56

1.17

Calhoun

0

4

0

0

0

4

1,362

0.34

0.16

Charlotte

0

324

0

146

57

527

190

2.45

1.13

Citrus

0

113

0

80

39

232

325

1.43

0.66

Clay

0

102

0

26

4

132

543

0.86

0.39

Collier

0

633

0

346

202

1,181

163

2.87

1.32

Columbia

0

28

0

10

1

39

664

0.70

0.32

De Soto

0

14

0

5

3

22

658

0.71

0.32

Dixie

0

4

0

0

0

4

1,964

0.24

0.11

Duval

0

805

0

206

356

1,367

284

1.64

0.75

Escambia

0

138

0

81

42

261

530

0.88

0.40

Flagler

0

137

0

18

14

169

287

1.63

0.75

Franklin

0

11

0

3

0

14

606

0.77

0.35

Gadsden

0

23

0

4

0

27

699

0.67

0.31

Gilchrist

0

1

0

5

2

8

807

0.58

0.26

Glades

0

2

0

0

0

2

3,034

0.15

0.07

Gulf

0

11

0

5

3

19

459

1.01

0.47

Hamilton

0

7

0

4

1

12

432

1.08

0.49

Hardee

0

8

0

3

2

13

806

0.58

0.27

Hendry

0

23

0

19

7

49

272

1.72

0.79

Hernando

0

259

0

85

110

454

177

2.64

1.21

Highlands

0

70

0

23

27

120

454

1.03

0.47

Hillsborough

0

1,982

0

630

222

2,834

182

2.56

1.17

Holmes

0

3

0

1

0

4

2,083

0.22

0.10

Indian River

0

134

0

46

21

201

384

1.22

0.56

Jackson

0

14

0

7

0

21

980

0.48

0.22

Jefferson

0

0

0

0

0

0

 n/a

0.00

0.00

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

379

0

175

119

673

207

2.25

1.03

Lee

0

2,543

0

1,523

423

4,489

80

5.81

2.67

Leon

0

116

0

17

9

142

853

0.55

0.25

Levy

0

16

0

12

7

35

513

0.91

0.42

Liberty

0

1

0

0

0

1

3,250

0.14

0.07

Madison

0

0

0

0

1

1

8,222

0.06

0.03

Manatee

0

297

0

141

20

458

370

1.26

0.58

Marion

0

345

0

182

42

569

280

1.67

0.76

Martin

0

193

0

94

14

301

252

1.85

0.85

Miami-Dade

0

3,290

0

1,272

691

5,253

185

2.52

1.16

Monroe

0

105

0

26

10

141

381

1.22

0.56

Nassau

0

69

0

11

14

94

349

1.34

0.61

Okaloosa

0

166

0

27

25

218

426

1.09

0.50

Okeechobee

0

35

0

14

2

51

324

1.44

0.66

Orange

0

1,761

0

798

384

2,943

154

3.03

1.39

Osceola

0

633

0

103

94

830

142

3.29

1.51

Palm Beach

0

1,296

0

258

190

1,744

366

1.27

0.58

Pasco

0

768

0

97

145

1,010

216

2.16

0.99

Pinellas

0

1,430

0

261

233

1,924

260

1.80

0.82

Polk

0

807

0

308

309

1,424

195

2.39

1.10

Putnam

0

23

0

15

19

57

622

0.75

0.34

Saint Johns

0

186

0

44

15

245

339

1.37

0.63

Saint Lucie

0

634

0

542

196

1,372

95

4.90

2.25

Santa Rosa

0

90

0

22

32

144

408

1.14

0.52

Sarasota

0

779

0

146

92

1,017

217

2.15

0.99

Seminole

0

549

0

155

43

747

231

2.02

0.93

Sumter

0

33

0

19

3

55

800

0.58

0.27

Suwannee

0

7

0

6

1

14

1,197

0.39

0.18

Taylor

0

3

0

1

2

6

1,675

0.28

0.13

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Volusia

0

646

0

325

113

1,084

228

2.05

0.94

Wakulla

0

10

0

1

0

11

1,196

0.39

0.18

Walton

0

54

0

12

12

78

528

0.88

0.41

Washington

0

8

0

1

1

10

1,005

0.46

0.21

                   

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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