FLORIDA FORECLOSURE ACTIVITY UP 13 PERCENT IN OCTOBER

Filings Statewide Increase 80 Percent From October 2007; Rate Ranks No. 3

 

IRVINE, Calif. – Nov. 26, 2008 – With a continued increase in foreclosure activity, Florida continued to have the second highest number of foreclosure filings in the nation, reporting 54,324 properties with foreclosure filings in October, a 13 percent increase from the previous month and 80 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 157 Florida housing units received a foreclosure filing during the month, the third 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.

 

“Foreclosure activity in October had its second highest monthly percentage increase so far this year, to almost double the activity level at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state is now at a staggering 6.5 percent as government regulators begin working with area banks to raise their loan qualification procedures.”

 

Due to recent changes in its foreclosure timeline, California’s nation-leading activity level came much closer to Florida in October, reporting 56,954 properties with foreclosure filings. Arizona took over third place once again, reporting 17,507 properties with foreclosure filings. Nevada dropped down to fourth highest, documenting 14,483 properties with foreclosure filings. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia, Texas and New Jersey.

 

Miami-Dade County tops in foreclosure activity for October

Miami-Dade County led the state in foreclosure activity during October, reporting 10,257 properties with foreclosure filings for the month. Broward County came in second highest, reporting 7,002 properties with foreclosure filings. Lee County ranked third highest, reporting 4,310 properties with foreclosure filings. Orange County came in fourth place, documenting 4,187 properties with foreclosure filings, followed by fifth place Hillsborough County, reporting 3,216 properties with foreclosure filings for the month.

 

Lee County post state’s top rate for October

With one in every 79 housing units receiving a foreclosure filing during the month — twice the state average and 5.7 times the national average — Lee County led the state. Second highest rate was reported in Miami-Dade County, where one in every 93 housing units received a foreclosure filing — 1.7 times the state average and 4.9 times the national average. Third highest rate was documented in Osceola County, where one in every 101 housing units received a foreclosure filing during the month — 1.6 times the state average and 4.5 times the national average.

 

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

Florida accounted for 19 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Florida

0

34,315

0

12,969

7,040

54,324

157

2.88

n/a

 

 

 

 

 

 

 

 

 

Alachua

0

114

0

40

20

174

614

0.74

0.26

Baker

0

2

0

7

0

9

951

0.48

0.17

Bay

0

145

0

69

40

254

374

1.21

0.42

Bradford

0

13

0

1

1

15

669

0.68

0.23

Brevard

0

977

0

332

100

1,409

185

2.44

0.85

Broward

0

3,310

0

2,293

1,399

7,002

114

3.97

1.38

Calhoun

0

3

0

0

0

3

1,810

0.25

0.09

Charlotte

0

468

0

109

80

657

146

3.09

1.07

Citrus

0

175

0

88

48

311

237

1.91

0.66

Clay

0

245

0

38

38

321

217

2.09

0.73

Collier

0

645

0

378

187

1,210

155

2.91

1.01

Columbia

0

23

0

15

5

43

594

0.76

0.26

De Soto

0

36

0

3

3

42

342

1.32

0.46

Dixie

0

8

0

0

0

8

976

0.46

0.16

Duval

0

1,329

0

491

175

1,995

190

2.37

0.83

Escambia

0

189

0

77

38

304

450

1.00

0.35

Flagler

0

246

0

12

20

278

168

2.69

0.94

Franklin

0

26

0

0

2

28

296

1.53

0.53

Gadsden

0

31

0

24

3

58

319

1.42

0.49

Gilchrist

0

11

0

3

1

15

427

1.06

0.37

Glades

0

0

0

0

0

0

 n/a

0.00

0.00

Gulf

0

19

0

0

1

20

426

1.06

0.37

Hamilton

0

1

0

2

2

5

1,034

0.44

0.15

Hardee

0

5

0

0

3

8

1,288

0.35

0.12

Hendry

0

66

0

41

4

111

118

3.83

1.33

Hernando

0

252

0

87

38

377

205

2.20

0.77

Highlands

0

130

0

21

18

169

314

1.44

0.50

Hillsborough

0

2,422

0

569

225

3,216

157

2.87

1.00

Holmes

0

0

0

0

0

0

 n/a

0.00

0.00

Indian River

0

209

0

67

13

289

257

1.76

0.61

Jackson

0

8

0

1

2

11

1,861

0.24

0.08

Jefferson

0

2

0

0

0

2

2,853

0.16

0.06

Lafayette

0

2

0

0

1

3

934

0.48

0.17

Lake

0

547

0

276

225

1,048

128

3.53

1.23

Lee

0

2,352

0

1,245

713

4,310

79

5.71

1.98

Leon

0

95

0

35

6

136

878

0.51

0.18

Levy

0

18

0

8

1

27

658

0.69

0.24

Liberty

0

2

0

0

0

2

1,621

0.28

0.10

Madison

0

3

0

5

1

9

907

0.50

0.17

Manatee

0

680

0

95

111

886

188

2.41

0.84

Marion

0

513

0

84

49

646

237

1.91

0.66

Martin

0

204

0

84

24

312

240

1.88

0.65

Miami-Dade

0

6,440

0

2,492

1,325

10,257

93

4.86

1.69

Monroe

0

161

0

40

12

213

251

1.80

0.63

Nassau

0

36

0

10

3

49

647

0.70

0.24

Okaloosa

0

218

0

36

9

263

347

1.30

0.45

Okeechobee

0

47

0

14

7

68

241

1.88

0.65

Orange

0

3,113

0

930

144

4,187

105

4.30

1.49

Osceola

0

718

0

199

170

1,087

101

4.47

1.55

Palm Beach

0

1,307

0

538

316

2,161

292

1.55

0.54

Pasco

0

1,077

0

261

312

1,650

129

3.50

1.22

Pinellas

0

1,486

0

522

302

2,310

216

2.09

0.73

Polk

0

614

0

267

249

1,130

238

1.90

0.66

Putnam

0

54

0

10

3

67

526

0.86

0.30

Saint Johns

0

227

0

69

35

331

243

1.86

0.65

Saint Lucie

0

745

0

282

83

1,110

113

4.00

1.39

Santa Rosa

0

131

0

99

26

256

227

1.99

0.69

Sarasota

0

824

0

135

188

1,147

189

2.39

0.83

Seminole

0

551

0

135

33

719

236

1.91

0.66

Sumter

0

31

0

3

5

39

1,043

0.43

0.15

Suwannee

0

11

0

6

0

17

974

0.46

0.16

Taylor

0

5

0

3

1

9

1,113

0.41

0.14

Union

0

1

0

0

0

1

3,926

0.12

0.04

Volusia

0

842

0

268

204

1,314

185

2.44

0.85

Wakulla

0

10

0

1

2

13

973

0.46

0.16

Walton

0

133

0

49

14

196

204

2.21

0.77

Washington

0

7

0

0

0

7

1,423

0.32

0.11

 

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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