FLORIDA FORECLOSURE ACTIVITY DOWN 9 PERCENT IN NOVEMBER

Filings Statewide Increase 68 Percent From November 2007; Rate Ranks No. 2

 

IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in Florida dropped after two months of increase, declining 9 percent in November to 49,190 properties with foreclosure filings, 68 percent ahead of the level reported in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 173 Florida housing units received a foreclosure filing during the month, the second 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 several months now, Florida has reported the second largest number of foreclosures in the nation,” said James J. Saccacio Chief executive officer of RealtyTrac. The slight decrease in November is likely due to a rise in home sales in October, resulting from dramatic price reductions occurring in the third quarter. Even so, it will likely take years to move the large inventory of unsold homes throughout the state. Florida also faces a rapidly rising unemployment rate that is now above the national average.”

 

Foreclosure activity in the Sunshine State was well behind national leader California, which reported 60,491 properties with foreclosure filings in November. The state retained its second place status, however, far surpassing third place Michigan, which reported 14,594 properties with foreclosure filings for the month. Nevada remained the fourth highest, reporting 13,962 properties with foreclosure filings for the month. Arizona fell from third to fifth, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois, Texas and Virginia.

 

Five southern counties lead state in foreclosure activity for November

The state’s top five counties for total number of properties with foreclosure filings were in the southern half of the state in November, accounting for 51 percent of the state’s activity during the month. Leading the way was Broward County, reporting 6,801 properties with foreclosure filings. Second highest total was in Miami-Dade County, reporting 6,473 properties with foreclosure filings. Lee County was close behind in third place, reporting 5,813 properties with foreclosure filings. Orange County came in fourth place, documenting 3,064 properties with foreclosure filings and Hillsborough County placed fifth, reporting 2,898 properties with foreclosure filings.

 

State’s highest foreclosure rates also found in southern counties

The five leading county foreclosure rates in Florida were also found in the southern half of the state in November. With one in every 59 housing units receiving a foreclosure filing — three times the state average and 8.3 times the national average — Lee County reported the highest rate in the state for the month. Second highest rate was reported in Osceola County, where one in every 74 housing units received a foreclosure filing — 2.4 times the state average and 6.6 times the national average. Third highest rate was documented in Saint Lucie County, where one in every 87 housing units received a foreclosure filing during the month — twice the state average and 5.6 times the national average.

 

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

Florida accounted for 19 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Florida

0

29,653

0

11,353

8,184

49,190

173

2.81

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

162

0

30

33

225

474

1.03

0.37

Baker

0

9

0

5

0

14

611

0.80

0.28

Bay

0

154

0

61

21

236

403

1.21

0.43

Bradford

0

4

0

2

0

6

1,673

0.29

0.10

Brevard

0

663

0

365

180

1,208

216

2.26

0.80

Broward

0

2,873

0

2,398

1,530

6,801

117

4.16

1.48

Calhoun

0

2

0

0

0

2

2,715

0.18

0.06

Charlotte

0

356

0

70

46

472

203

2.40

0.85

Citrus

0

134

0

57

21

212

347

1.40

0.50

Clay

0

232

0

36

48

316

220

2.22

0.79

Collier

0

882

0

256

268

1,406

133

3.65

1.30

Columbia

0

23

0

8

4

35

729

0.67

0.24

De Soto

0

34

0

16

12

62

231

2.11

0.75

Dixie

0

3

0

0

0

3

2,603

0.19

0.07

Duval

0

750

0

304

153

1,207

314

1.55

0.55

Escambia

0

205

0

78

56

339

404

1.21

0.43

Flagler

0

148

0

12

11

171

273

1.79

0.64

Franklin

0

9

0

2

3

14

592

0.82

0.29

Gadsden

0

17

0

0

2

19

973

0.50

0.18

Gilchrist

0

1

0

1

1

3

2,135

0.23

0.08

Glades

0

2

0

0

0

2

3,012

0.16

0.06

Gulf

0

25

0

0

0

25

341

1.43

0.51

Hamilton

0

12

0

3

0

15

345

1.41

0.50

Hardee

0

8

0

0

4

12

859

0.57

0.20

Hendry

0

22

0

6

6

34

385

1.27

0.45

Hernando

0

288

0

200

66

554

140

3.49

1.24

Highlands

0

119

0

50

18

187

284

1.72

0.61

Hillsborough

0

1,933

0

704

261

2,898

174

2.79

0.99

Holmes

0

4

0

1

0

5

1,653

0.29

0.10

Indian River

0

254

0

36

34

324

229

2.13

0.76

Jackson

0

22

0

2

0

24

853

0.57

0.20

Jefferson

0

2

0

2

0

4

1,426

0.34

0.12

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

359

0

156

197

712

188

2.59

0.92

Lee

0

2,943

0

1,375

1,495

5,813

59

8.31

2.96

Leon

0

94

0

23

3

120

995

0.49

0.17

Levy

0

16

0

6

4

26

683

0.71

0.25

Liberty

0

0

0

1

0

1

3,242

0.15

0.05

Madison

0

8

0

4

1

13

628

0.78

0.28

Manatee

0

216

0

42

105

363

458

1.06

0.38

Marion

0

432

0

91

66

589

260

1.88

0.67

Martin

0

135

0

87

30

252

297

1.64

0.58

Miami-Dade

0

4,212

0

1,255

1,006

6,473

147

3.31

1.18

Monroe

0

56

0

13

7

76

703

0.69

0.25

Nassau

0

65

0

11

0

76

417

1.17

0.42

Okaloosa

0

184

0

44

14

242

377

1.29

0.46

Okeechobee

0

16

0

2

2

20

819

0.60

0.21

Orange

0

2,199

0

602

263

3,064

144

3.39

1.21

Osceola

0

886

0

378

227

1,491

74

6.61

2.35

Palm Beach

0

1,994

0

477

151

2,622

241

2.03

0.72

Pasco

0

764

0

199

314

1,277

167

2.92

1.04

Pinellas

0

1,415

0

491

148

2,054

243

2.01

0.71

Polk

0

1,123

0

321

438

1,882

143

3.41

1.21

Putnam

0

21

0

3

11

35

1,008

0.48

0.17

Saint Johns

0

222

0

37

56

315

255

1.91

0.68

Saint Lucie

0

865

0

367

219

1,451

87

5.64

2.01

Santa Rosa

0

132

0

32

30

194

299

1.63

0.58

Sarasota

0

616

0

281

214

1,111

195

2.50

0.89

Seminole

0

605

0

93

100

798

213

2.29

0.81

Sumter

0

30

0

13

4

47

865

0.56

0.20

Suwannee

0

15

0

6

1

22

753

0.65

0.23

Taylor

0

0

0

1

2

3

3,338

0.15

0.05

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Volusia

0

572

0

204

280

1,056

230

2.12

0.75

Wakulla

0

16

0

3

8

27

469

1.04

0.37

Walton

0

85

0

30

7

122

328

1.49

0.53

Washington

0

5

0

0

3

8

1,245

0.39

0.14

                                                

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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