FLORIDA FORECLOSURE ACTIVITY UP 14 PERCENT IN FEBRUARY

Activity Increases 43 Percent From February 2008

Foreclosure Rate Ranks No. 4 Among the States

 

IRVINE, Calif. – March 27, 2009 – Florida reported 46,391 properties with foreclosure filings in February, a 14 percent increase from the previous month and 43 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 188 Florida housing units received a foreclosure filing during the month, 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.

 

“Foreclosure filings in Florida continue to fluctuate within a fairly narrow range, rising in February after a one month decline the previous month, maintaining the state status as the nation’s second highest level of foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “With Florida unemployment at its highest level since 1992 and many Florida residents scrambling to hold onto their homes, foreclosures continue to plague the state as does an elevated record of mortgage fraud cases.”

 

Even with the increase in foreclosure activity, the Sunshine State still came in a distant second to national leader California, which reported 80,775 properties with foreclosure filings in Febraury. Arizona reported 18,119 properties with foreclosure filings, the nation’s third highest state total. Fourth was Nevada, which reported 15,783 properties with foreclosure filings, followed by Illinois, which reported 14,218 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Michigan, Ohio, Texas, Georgia and Virginia.

 

Five counties account for major portion of state foreclosure activity in February

Five Florida counties accounted for 46 percent of all foreclosure activity in the state for February. Lee County led the way, reporting 5,564 properties with foreclosure filings for the month. Broward County was second highest, reporting 5,318 properties with foreclosure filings. Third highest was Orange County, reporting 4,188 properties with foreclosure filings. Miami-Dade County had the fourth highest, documenting 3,575 properties with foreclosure filings. Fifth highest total was tallied in Hillsborough County, where 2,896 properties with foreclosure filings were reported.

 

Lee County post state’s top foreclosure rate for February

With one in every 65 housing units receiving a foreclosure filing — 2.9 times the state average and 6.8 times the national average — Lee County reported the highest county foreclosure rate in the state for February. Osceola County came in a close second, with one in every 75 housing units receiving a foreclosure filing — 2.5 times the state average and 5.9 times the national average. Third highest rate was documented in Orange County, where one in every 108 housing units received a foreclosure filing during the month — 1.7 times the state average and 4.1 times the national average.

 

State the second largest contributor to nation’s foreclosure total in February

Florida accounted for 16 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Florida

0

27,492

4

12,923

5,972

46,391

188

2.34

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

116

0

87

6

209

519

0.85

0.36

Baker

0

15

0

1

3

19

460

0.96

0.41

Bay

0

200

0

56

39

295

332

1.33

0.57

Bradford

0

12

0

1

0

13

779

0.57

0.24

Brevard

0

919

0

334

49

1,302

204

2.16

0.92

Broward

0

2,313

0

1,901

1,104

5,318

151

2.91

1.24

Calhoun

0

2

0

0

0

2

2,724

0.16

0.07

Charlotte

0

407

1

171

45

624

160

2.74

1.17

Citrus

0

109

0

41

8

158

478

0.92

0.39

Clay

0

205

0

83

23

311

231

1.91

0.81

Collier

0

644

0

460

133

1,237

155

2.83

1.21

Columbia

0

22

0

25

4

51

508

0.87

0.37

De Soto

0

30

0

0

6

36

402

1.09

0.47

Dixie

0

6

0

0

0

6

1,309

0.34

0.14

Duval

0

753

0

244

291

1,288

302

1.46

0.62

Escambia

0

281

0

104

19

404

343

1.28

0.55

Flagler

0

227

0

3

13

243

199

2.21

0.94

Franklin

0

25

0

1

0

26

327

1.35

0.58

Gadsden

0

15

0

8

0

23

820

0.54

0.23

Gilchrist

0

9

0

3

0

12

538

0.82

0.35

Glades

0

4

0

0

0

4

1,517

0.29

0.12

Gulf

0

19

0

4

2

25

349

1.26

0.54

Hamilton

0

1

0

0

0

1

5,187

0.08

0.04

Hardee

0

7

0

5

2

14

749

0.59

0.25

Hendry

0

47

0

7

1

55

242

1.82

0.78

Hernando

0

217

0

105

64

386

208

2.12

0.90

Highlands

0

209

0

43

23

275

198

2.22

0.95

Hillsborough

0

2,155

0

570

171

2,896

178

2.47

1.05

Holmes

0

2

0

0

0

2

4,166

0.11

0.05

Indian River

0

182

0

28

5

215

359

1.23

0.52

Jackson

0

19

0

9

1

29

710

0.62

0.26

Jefferson

0

3

0

0

0

3

1,927

0.23

0.10

Lafayette

0

4

0

0

0

4

704

0.62

0.27

Lake

0

400

1

296

233

930

150

2.93

1.25

Lee

0

2,172

0

2,437

955

5,564

65

6.80

2.90

Leon

0

138

0

32

8

178

680

0.65

0.28

Levy

0

24

0

3

1

28

641

0.69

0.29

Liberty

0

0

0

0

0

0

 n/a

0.00

0.00

Madison

0

2

0

4

0

6

1,370

0.32

0.14

Manatee

0

1,030

0

384

114

1,528

111

3.97

1.70

Marion

0

404

0

229

57

690

231

1.91

0.81

Martin

0

203

0

45

31

279

271

1.62

0.69

Miami-Dade

0

1,750

1

1,287

537

3,575

272

1.62

0.69

Monroe

0

109

0

32

11

152

353

1.25

0.53

Nassau

0

80

0

2

5

87

377

1.17

0.50

Okaloosa

0

117

0

43

6

166

559

0.79

0.34

Okeechobee

0

42

0

14

5

61

271

1.63

0.69

Orange

0

2,353

0

1,433

402

4,188

108

4.07

1.74

Osceola

0

1,150

0

213

209

1,572

75

5.88

2.51

Palm Beach

0

2,159

0

214

292

2,665

240

1.84

0.78

Pasco

0

694

0

193

242

1,129

193

2.28

0.97

Pinellas

0

854

1

479

83

1,417

353

1.25

0.53

Polk

0

956

0

289

344

1,589

175

2.52

1.08

Putnam

0

50

0

19

2

71

499

0.88

0.38

Saint Johns

0

228

0

129

45

402

207

2.13

0.91

Saint Lucie

0

730

0

222

62

1,014

129

3.42

1.46

Santa Rosa

0

83

0

77

12

172

342

1.29

0.55

Sarasota

0

724

0

53

90

867

254

1.73

0.74

Seminole

0

764

0

166

70

1,000

172

2.55

1.09

Sumter

0

29

0

10

4

43

1,023

0.43

0.18

Suwannee

0

10

0

4

0

14

1,197

0.37

0.16

Taylor

0

6

0

0

1

7

1,436

0.31

0.13

Union

0

0

0

0

0

0

 

0.00

0.00

Volusia

0

877

0

296

124

1,297

190

2.31

0.99

Wakulla

0

29

0

0

0

29

454

0.97

0.41

Walton

0

144

0

24

15

183

225

1.96

0.84

Washington

0

2

0

0

0

2

5,024

0.09

0.04

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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