FLORIDA FORECLOSURE ACTIVITY UP 133 PERCENT IN 2008

More than 385,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 385,309 Florida properties in 2008, an increase of 133 percent from 2007 and a 412 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 4.52 percent of all Florida housing units received at least one foreclosure filing during the year, up from 2.0 percent in 2007.

 

The Sunshine State reported 50,808 properties with foreclosure filings in December, up 3 percent from the previous month and a 63 percent increase over December 2007.

 

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 ranked second highest foreclosure activity level in the nation throughout 2008, due in large part to a recessionary economy highlighted by weakened business sectors an unemployment rate that is well above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state rose 3.5 percent for the year. Combined with lower home prices and a growing inventory of foreclosed properties, these factors tend to indicate that a recovery for the housing market is still far off.”

 

Florida remained second in foreclosure activity to California, which reported 523,624 properties with foreclosure filings for all of 2008. Third highest was Arizona, reporting 116,911 properties with foreclosure filings for the year. Ohio was fourth highest, reporting 113,570 properties with foreclosure filings. Michigan came in fifth, documenting 106,058 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure activity in 2008 were Illinois, Texas, Georgia, Nevada and New Jersey.

 

Miami-Dade County reports highest foreclosure activity in 2008

Miami-Dade County led the state in 2008, reporting 49,697 properties with foreclosure filings for the year. Broward County came in second, reporting 47,387 properties with foreclosure filings. Lee County registered the third highest total, reporting 41,040 properties with foreclosure filings. Fourth highest total was reported in Orange County, where 25,524 properties with foreclosure filings were documented. Hillsborough County came in fifth, reporting 24,165 properties with foreclosure filings.

 

Lee County posts state’s top foreclosure rate for 2008

With 12.03 percent of its housing units receiving at least one foreclosure filing during the year, Lee County posted the top foreclosure rate in the state for 2008. Osceola County came in second, with 9.58 percent of its housing units receiving at least one foreclosure filing. Third highest was Saint Lucie County, where 8.57 percent of the housing stock received at least one foreclosure filing during the year.

 

State a major contributor to nation’s foreclosure total for 2008

Florida accounted for 17 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Florida

385,309

4.52

133.11

 

 

 

 

 

48

Alachua

1229

1.15

58.17

55

Baker

78

0.91

56.00

38

Bay

2099

2.21

167.73

53

Bradford

96

0.96

100.00

16

Brevard

10274

3.94

100.70

4

Broward

47387

5.95

127.77

64

Calhoun

24

0.44

4.35

7

Charlotte

5473

5.70

173.51

31

Citrus

1974

2.68

104.14

23

Clay

2438

3.51

119.05

10

Collier

9341

4.98

235.16

50

Columbia

271

1.06

141.96

35

De Soto

364

2.54

121.95

59

Dixie

53

0.68

211.76

26

Duval

11748

3.10

61.93

40

Escambia

2713

1.98

65.12

6

Flagler

2674

5.73

125.46

39

Franklin

174

2.10

241.18

43

Gadsden

277

1.50

50.54

44

Gilchrist

87

1.36

70.59

65

Glades

24

0.40

166.67

33

Gulf

226

2.65

197.37

52

Hamilton

50

0.97

455.56

47

Hardee

124

1.20

103.28

12

Hendry

614

4.69

131.70

9

Hernando

3890

5.03

106.26

29

Highlands

1462

2.75

198.37

11

Hillsborough

24165

4.78

141.07

63

Holmes

38

0.46

192.31

18

Indian River

2769

3.73

161.97

54

Jackson

188

0.92

132.10

60

Jefferson

34

0.60

30.77

66

Lafayette

5

0.18

-28.57

22

Lake

4714

3.51

138.20

1

Lee

41040

12.03

220.88

49

Leon

1282

1.07

56.53

46

Levy

216

1.22

125.00

62

Liberty

16

0.49

45.45

57

Madison

65

0.80

91.18

14

Manatee

7214

4.34

149.79

24

Marion

5223

3.42

169.09

27

Martin

2098

2.80

177.15

8

Miami-Dade

49697

5.21

96.78

36

Monroe

1275

2.39

126.87

42

Nassau

545

1.72

86.64

37

Okaloosa

2076

2.28

155.04

32

Okeechobee

435

2.65

180.65

5

Orange

25524

5.80

209.38

2

Osceola

10529

9.58

214.49

19

Palm Beach

23399

3.71

96.56

15

Pasco

9197

4.32

93.30

25

Pinellas

16378

3.29

124.45

17

Polk

10251

3.80

97.82

45

Putnam

446

1.26

47.19

28

Saint Johns

2216

2.76

166.35

3

Saint Lucie

10764

8.57

158.44

34

Santa Rosa

1478

2.55

87.09

13

Sarasota

10042

4.63

156.63

21

Seminole

6076

3.57

178.84

56

Sumter

354

0.87

101.14

51

Suwannee

167

1.01

2683.33

61

Taylor

58

0.58

48.72

67

Union

1

0.03

-66.67

20

Volusia

8794

3.61

111.09

41

Wakulla

222

1.75

58.57

30

Walton

1086

2.71

312.93

58

Washington

68

0.68

58.14

 

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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