FLORIDA FORECLOSURE ACTIVITY INCREASES 8 PERCENT IN JUNE

Foreclosure Activity Up 92 Percent From June 2007; Rate Ranks No. 4

 

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 40,351 Florida properties in June, an 8 percent increase from the previous month and 92 percent above the level reported for June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Florida’s total was second highest in the nation for the 17th consecutive month. With one in every 211 households receiving a foreclosure filing during the month, the state’s foreclosure rate ranked fourth highest among the 50 states.

 

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.

 

Florida’s foreclosure activity in June was at the highest level ever reported dating back to January 2005, when we began tracking national activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures are a lagging indicator of past economic activity. Year-over-year declines in both home sales and median prices are coincidental with the current upward trend we’re seeing in foreclosure filings in Florida.

 

As it has for almost the past year and a half, the Sunshine State continues to sit alone in second place nationally in terms of total properties with filings. In June the state total was well behind national leader California, which reported 68,666 properties with foreclosure filings, and far ahead of third place Ohio, which reported 13,194 properties with foreclosure filings for the month. Arizona fell back to fourth place, reporting 12,950 properties with foreclosure filings for the month. Michigan took fifth place, reporting 12,025 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in June were Texas, Georgia, Nevada, Illinois and New York.

 

Five counties dominate state’s foreclosure activity in June

Five Florida counties topped the state in foreclosure activity for June, accounting for 51 percent of the state total. Broward County led the way, reporting 6,292 properties with foreclosure filings for the month. Second highest total was tallied in Miami-Dade County, where 5,289 properties with foreclosure filings were reported. Third highest total was in Lee County, reporting 3,749 properties with foreclosure filings. Palm Beach County had the fourth highest total, documenting 2,763 properties with foreclosure filings. Fifth highest total was in Hillsborough County, reporting 2,656 properties with foreclosure filings in June.

 

Lee County posts state’s highest foreclosure rate for June

With one in every 91 households receiving a foreclosure filing — 2.3 times the state average and 5.5 times the national average — Lee County posted the highest foreclosure rate in the state for June. Osceola County posted the second highest rate, with one in every 101 households receiving a foreclosure filing during the month — 2.1 times the state average and nearly five times the national average. Third highest rate was in Broward County, where one in every 127 households received a foreclosure filing — 1.7 times the state average and nearly four times the national average. Saint Lucie County was fourth with a rate of one in every 133 households receiving a foreclosure filing, followed by Flagler County with one in every 159 households receiving a foreclosure filing during the month.

 

State a major contributor in nation’s foreclosure total in June

Florida accounted for 16 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Florida

0

25,107

28

9,680

5,536

40,351

211

2.37

n/a

 

 

 

 

 

 

 

 

 

Alachua

0

88

0

23

21

132

809

0.62

0.26

Baker

0

1

0

2

0

3

2,852

0.18

0.07

Bay

0

133

0

42

9

184

517

0.97

0.41

Bradford

0

10

0

0

1

11

913

0.55

0.23

Brevard

0

726

1

173

62

962

271

1.85

0.78

Broward

0

2,789

3

1,895

1,605

6,292

127

3.95

1.67

Calhoun

0

0

0

0

0

0

n/a

0.00

0.00

Charlotte

0

360

1

98

56

515

187

2.68

1.13

Citrus

0

157

0

31

33

221

333

1.50

0.63

Clay

0

156

0

36

45

237

293

1.71

0.72

Collier

0

623

1

197

187

1,008

186

2.69

1.14

Columbia

0

14

0

4

5

23

1,110

0.45

0.19

De Soto

0

22

0

5

9

36

399

1.26

0.53

Dixie

0

2

0

1

2

5

1,562

0.32

0.14

Duval

0

829

0

313

244

1,386

274

1.83

0.77

Escambia

0

175

0

34

64

273

501

1.00

0.42

Flagler

0

245

0

17

32

294

159

3.15

1.33

Franklin

0

11

0

0

3

14

592

0.84

0.36

Gadsden

0

9

0

5

2

16

1,156

0.43

0.18

Gilchrist

0

5

0

0

0

5

1,281

0.39

0.17

Glades

0

8

0

0

1

9

669

0.75

0.32

Gulf

0

12

0

0

0

12

710

0.70

0.30

Hamilton

0

6

0

1

1

8

646

0.77

0.33

Hardee

0

7

0

1

5

13

793

0.63

0.27

Hendry

0

37

0

28

8

73

179

2.79

1.18

Hernando

0

252

0

79

70

401

193

2.59

1.10

Highlands

0

22

0

6

12

40

1,328

0.38

0.16

Hillsborough

0

1,765

3

748

140

2,656

190

2.63

1.11

Holmes

0

3

0

0

1

4

2,067

0.24

0.10

Indian River

0

180

0

53

6

239

310

1.61

0.68

Jackson

0

3

0

23

0

26

787

0.64

0.27

Jefferson

0

4

0

2

2

8

713

0.70

0.30

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

341

2

74

59

476

282

1.78

0.75

Lee

0

2,592

2

779

376

3,749

91

5.50

2.32

Leon

0

74

0

32

5

111

1,076

0.47

0.20

Levy

0

13

0

4

1

18

987

0.51

0.21

Liberty

0

1

0

0

0

1

3,242

0.15

0.07

Madison

0

3

0

0

1

4

2,042

0.25

0.10

Manatee

0

446

0

87

64

597

279

1.80

0.76

Marion

0

295

0

88

49

432

354

1.41

0.60

Martin

0

96

0

55

13

164

457

1.10

0.46

Miami-Dade

0

2,724

4

1,759

802

5,289

180

2.78

1.17

Monroe

0

77

1

23

15

116

460

1.09

0.46

Nassau

0

36

0

11

7

54

587

0.85

0.36

Okaloosa

0

136

0

16

23

175

521

0.96

0.41

Okeechobee

0

16

0

9

1

26

630

0.79

0.34

Orange

0

1,170

1

406

136

1,713

257

1.95

0.82

Osceola

0

796

2

185

110

1,093

101

4.98

2.10

Palm Beach

0

1,958

0

501

304

2,763

228

2.19

0.93

Pasco

0

732

0

201

44

977

218

2.30

0.97

Pinellas

0

1,714

3

405

276

2,398

208

2.41

1.02

Polk

0

516

0

246

116

878

307

1.63

0.69

Putnam

0

28

0

15

3

46

767

0.65

0.28

Saint Johns

0

144

0

18

7

169

476

1.05

0.44

Saint Lucie

0

651

0

214

82

947

133

3.78

1.60

Santa Rosa

0

86

1

36

9

132

440

1.14

0.48

Sarasota

0

694

1

298

135

1,128

192

2.60

1.10

Seminole

0

505

0

194

78

777

219

2.29

0.97

Sumter

0

16

0

3

5

24

1,694

0.30

0.12

Suwannee

0

6

0

4

3

13

1,274

0.39

0.17

Taylor

0

0

0

0

0

0

 n/a

0.00

0.00

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Volusia

0

482

2

184

173

841

289

1.73

0.73

Wakulla

0

18

0

2

5

25

506

0.99

0.42

Walton

0

80

0

14

7

101

396

1.26

0.53

Washington

0

7

0

0

1

8

1,245

0.40

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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