FLORIDA FORECLOSURE ACTIVITY DOWN 4 PERCENT IN AUGUST

Statewide Foreclosure Filings Up 30 Percent From August 2007; Rate Ranks No. 4

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 44,000 Florida properties in August, a decrease of 4 percent from the previous month, but still 30 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 194 Florida households received a foreclosure filing during the month, giving it 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.

 

“For only the second month this year, Florida’s foreclosure activity took a slight breather from its escalating foreclosure numbers,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is nothing new. Since 2006, we’ve seen this pattern of fluctuating foreclosure activity in the state with months of increase followed by a small break in activity. Driving this phenomenon are a higher level of unemployment, and a huge downturn in home prices on a yearly basis.

 

Total foreclosure activity in the Sunshine State was less than half national leader California which reported 101,724 properties with foreclosure filings for the month. Arizona moved up a notch to third place, reporting 14,333 properties with foreclosure filings. Michigan took over fourth place, documenting 13,605 properties with foreclosure filings. Nevada was in fifth place, reporting 11,706 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Ohio, Texas, Illinois, Georgia and New Jersey.

 

Top five counties account for bulk of state foreclosure activity in August

Five Florida counties accounted 51 percent of all activity in the state for August. Broward County led the way, reporting 7,104 properties with foreclosure filings for the month. Lee County came in second highest, reporting 5,132 properties with foreclosure filings. Third highest was MiamiDade County, reporting 5,087 properties with foreclosure filings. Orange County came in fourth, documenting 3,087 properties with foreclosure filings. Pinellas County was fifth highest, reporting 2,061 properties with foreclosure filings during the month.

 

Lee County atop state’s foreclosure rate for August

Lee County far and away led the state with the highest county foreclosure rate in August, reporting one in every 66 households receiving a foreclosure filing during the month — 2.9 times the state average and 6.3 times the national average. Osceola County posted the second highest foreclosure rate, where one in every 93 households received a foreclosure filing — 2.1 times the state average and 4.5 times the national average. Broward County posted the third highest foreclosure rate, where one in every 112 households received a foreclosure filing — 1.7 times the state average and 3.7 times the national average.

 

State one of the largest contributors to nation’s foreclosure total in August

Florida accounted for 14 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Florida

0

27,841

53

9,001

7,105

44,000

194

2.14

n/a

 

 

 

 

 

 

 

 

 

Alachua

0

108

1

39

19

167

639

0.65

0.30

Baker

0

0

0

1

0

1

8,557

0.05

0.02

Bay

0

188

0

99

41

328

290

1.43

0.67

Bradford

0

6

0

0

2

8

1,255

0.33

0.15

Brevard

0

569

1

227

98

895

291

1.43

0.67

Broward

0

4,280

1

1,642

1,181

7,104

112

3.71

1.73

Calhoun

0

2

0

0

0

2

2,715

0.15

0.07

Charlotte

0

446

1

128

63

638

151

2.76

1.29

Citrus

0

134

0

49

43

226

326

1.28

0.60

Clay

0

199

0

35

14

248

280

1.48

0.69

Collier

0

853

4

195

108

1,160

162

2.57

1.20

Columbia

0

16

0

3

3

22

1,160

0.36

0.17

De Soto

0

24

0

2

12

38

378

1.10

0.51

Dixie

0

4

0

0

2

6

1,302

0.32

0.15

Duval

0

839

1

293

138

1,271

299

1.39

0.65

Escambia

0

206

0

74

41

321

426

0.97

0.45

Flagler

0

235

0

14

5

254

184

2.26

1.06

Franklin

0

19

0

0

9

28

296

1.40

0.65

Gadsden

0

22

0

11

4

37

500

0.83

0.39

Gilchrist

0

4

0

1

1

6

1,067

0.39

0.18

Glades

0

1

0

1

1

3

2,008

0.21

0.10

Gulf

0

18

0

3

6

27

316

1.32

0.61

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Hardee

0

10

0

0

5

15

687

0.60

0.28

Hendry

0

47

0

35

18

100

131

3.18

1.48

Hernando

0

316

0

74

32

422

183

2.27

1.06

Highlands

0

105

0

10

15

130

409

1.02

0.47

Hillsborough

0

1,422

3

271

199

1,895

267

1.56

0.73

Holmes

0

9

0

0

0

9

919

0.45

0.21

Indian River

0

250

2

42

33

327

227

1.83

0.86

Jackson

0

18

0

8

6

32

640

0.65

0.30

Jefferson

0

4

0

0

1

5

1,141

0.36

0.17

Lafayette

0

0

0

0

0

0

n/a

0.00

0.00

Lake

0

360

0

116

96

572

234

1.77

0.83

Lee

0

2,643

9

1,270

1,210

5,132

66

6.25

2.92

Leon

0

62

0

14

11

87

1,373

0.30

0.14

Levy

0

40

0

3

0

43

413

1.01

0.47

Liberty

0

1

0

0

0

1

3,242

0.13

0.06

Madison

0

3

0

3

1

7

1,167

0.36

0.17

Manatee

0

619

0

169

128

916

182

2.29

1.07

Marion

0

498

0

99

88

685

223

1.86

0.87

Martin

0

206

1

45

30

282

266

1.57

0.73

Miami-Dade

0

2,817

3

1,159

1,108

5,087

187

2.22

1.04

Monroe

0

134

0

32

15

181

295

1.41

0.66

Nassau

0

42

0

7

3

52

610

0.68

0.32

Okaloosa

0

201

0

37

20

258

354

1.18

0.55

Okeechobee

0

47

0

11

7

65

252

1.65

0.77

Orange

0

1,948

3

495

641

3,087

143

2.92

1.36

Osceola

0

954

8

144

72

1,178

93

4.46

2.08

Palm Beach

0

1,310

2

316

348

1,976

319

1.30

0.61

Pasco

0

648

1

168

103

920

231

1.80

0.84

Pinellas

0

1,290

3

514

254

2,061

242

1.72

0.80

Polk

0

759

4

349

232

1,344

200

2.07

0.97

Putnam

0

22

0

12

6

40

882

0.47

0.22

Saint Johns

0

204

0

27

27

258

312

1.33

0.62

Saint Lucie

0

657

2

260

133

1,052

119

3.48

1.63

Santa Rosa

0

105

0

61

18

184

315

1.32

0.61

Sarasota

0

650

1

179

201

1,031

210

1.98

0.92

Seminole

0

560

1

92

82

735

231

1.80

0.84

Sumter

0

19

0

8

8

35

1,162

0.36

0.17

Suwannee

0

6

0

2

4

12

1,380

0.30

0.14

Taylor

0

1

0

0

3

4

2,504

0.17

0.08

Union

0

0

0

0

0

0

n/a

0.00

0.00

Volusia

0

586

1

136

147

870

280

1.49

0.69

Wakulla

0

14

0

0

1

15

843

0.49

0.23

Walton

0

79

0

16

6

101

396

1.05

0.49

Washington

0

2

0

0

2

4

2,491

0.17

0.08

 

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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