FLORIDA FORECLOSURE ACTIVITY UP 14 PERCENT IN JULY

Foreclosure Activity Increases 139 Percent From July 2007; Rate Ranks No. 3

 

IRVINE, Calif. – Aug. 29, 2008 – Foreclosure filings were reported on 45,884 Florida properties in July, the second highest total in the nation, a 14 percent increase in foreclosure activity from the previous month and a 139 percent increase from July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 186 Florida households 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.

 

“The continued increase in Florida’s foreclosure activity is a direct reflection of economic conditions throughout the state, which, at present, are still less than desirable overall, said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is up while home prices continue their negative trends on a year-over-year comparison, all of which lead to us to expect to see more foreclosures in the coming months.”

 

Although standing alone in second place by a wide margin, the Sunshine State’s total still paled in comparison to national leader California, which reported 72,285 properties with foreclosure filings for the month. Ohio remained in third place for the second month in a row, reporting 13,457 properties with foreclosure filings. Arizona narrowly stayed in fourth place, reporting 13,350 properties with foreclosure filings for the month. Michigan kept its position in fifth place, reporting 11,591 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in July were Texas, Georgia, Nevada, Illinois and New York.

 

Six counties dominate the foreclosure landscape in July

Six Florida counties accounted for 59 percent of all foreclosure activity in the state for July. Miami-Dade County remained atop the heap, reporting 6,271 properties with foreclosure filings for the month. Broward County came in second highest, reporting 5,915 properties with foreclosure filings, followed closely by third place Lee County, registering 5,310 properties with foreclosure filings. Fourth place Palm Beach County reported 3,494 properties with foreclosure filings. Hillsborough County came in fifth, reporting 3,057 properties with foreclosure filings. Orange County was not far behind in sixth place, reporting 2,925 properties with foreclosure filings in July.

 

Lee County top posts highest foreclosure rate for July

One in every 64 households received a foreclosure filing in Lee County during July, the top county foreclosure rate in the state for the month — 2.9 times the state average and 7.2 times the national average. Osceola County reported the second highest rate in the state, with one in every 93 households receiving a foreclosure filing — twice the state average and nearly five times the national average. Third highest county rate was posted by Saint Lucie County, where one in every 106 households received a foreclosure filing during the month — 1.8 times the state average and 4.4 times the national average.

 

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

Florida accounted for 17 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Florida

0

29,708

91

9,818

6,267

45,884

186

2.50

n/a

 

 

 

 

 

 

 

 

 

Alachua

0

67

0

17

17

101

1,057

0.44

0.18

Baker

0

3

0

0

0

3

2,852

0.16

0.07

Bay

0

159

0

56

58

273

348

1.33

0.53

Bradford

0

8

0

1

2

11

913

0.51

0.20

Brevard

0

672

0

164

122

958

272

1.71

0.68

Broward

0

3,155

11

1,505

1,244

5,915

135

3.45

1.38

Calhoun

0

0

0

0

1

1

5,430

0.09

0.03

Charlotte

0

539

0

227

53

819

117

3.96

1.59

Citrus

0

184

0

39

28

251

293

1.58

0.63

Clay

0

187

2

57

36

282

247

1.88

0.75

Collier

0

545

3

225

148

921

204

2.28

0.91

Columbia

0

7

1

3

5

16

1,596

0.29

0.12

De Soto

0

35

0

1

10

46

312

1.49

0.60

Dixie

0

2

0

0

4

6

1,302

0.36

0.14

Duval

0

926

3

145

148

1,222

311

1.49

0.60

Escambia

0

211

0

83

25

319

429

1.08

0.43

Flagler

0

179

0

7

20

206

226

2.05

0.82

Franklin

0

5

0

0

1

6

1,382

0.34

0.13

Gadsden

0

12

0

5

4

21

880

0.53

0.21

Gilchrist

0

10

0

0

2

12

534

0.87

0.35

Glades

0

1

0

0

0

1

6,024

0.08

0.03

Gulf

0

17

0

0

5

22

388

1.20

0.48

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Hardee

0

4

0

1

3

8

1,288

0.36

0.14

Hendry

0

24

2

4

8

38

344

1.35

0.54

Hernando

0

274

0

78

47

399

194

2.39

0.96

Highlands

0

176

0

25

77

278

191

2.43

0.97

Hillsborough

0

2,301

6

591

159

3,057

165

2.81

1.12

Holmes

0

5

0

0

0

5

1,653

0.28

0.11

Indian River

0

170

0

62

3

235

316

1.47

0.59

Jackson

0

4

0

0

0

4

5,119

0.09

0.04

Jefferson

0

2

0

1

1

4

1,426

0.33

0.13

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

318

0

143

44

505

266

1.75

0.70

Lee

0

2,905

7

1,547

851

5,310

64

7.22

2.89

Leon

0

121

0

20

6

147

812

0.57

0.23

Levy

0

16

0

3

2

21

846

0.55

0.22

Liberty

0

1

0

0

0

1

3,242

0.14

0.06

Madison

0

3

0

0

2

5

1,633

0.28

0.11

Manatee

0

786

2

171

81

1,040

160

2.90

1.16

Marion

0

452

0

103

70

625

245

1.90

0.76

Martin

0

133

1

48

10

192

390

1.19

0.48

Miami-Dade

0

3,598

19

1,762

892

6,271

152

3.05

1.22

Monroe

0

53

2

24

5

84

636

0.73

0.29

Nassau

0

38

0

5

8

51

622

0.75

0.30

Okaloosa

0

106

0

31

9

146

625

0.74

0.30

Okeechobee

0

19

0

7

4

30

546

0.85

0.34

Orange

0

2,128

3

394

400

2,925

150

3.08

1.24

Osceola

0

759

2

126

292

1,179

93

4.98

2.00

Palm Beach

0

2,694

7

517

276

3,494

181

2.57

1.03

Pasco

0

670

4

142

65

881

242

1.92

0.77

Pinellas

0

1,073

2

341

165

1,581

315

1.47

0.59

Polk

0

673

2

307

159

1,141

236

1.97

0.79

Putnam

0

31

0

11

9

51

691

0.67

0.27

Saint Johns

0

103

2

31

31

167

481

0.96

0.39

Saint Lucie

0

871

4

122

187

1,184

106

4.38

1.75

Santa Rosa

0

74

1

47

6

128

453

1.02

0.41

Sarasota

0

709

1

222

199

1,131

192

2.42

0.97

Seminole

0

480

0

128

69

677

251

1.85

0.74

Sumter

0

18

0

12

4

34

1,196

0.39

0.16

Suwannee

0

8

0

1

1

10

1,656

0.28

0.11

Taylor

0

6

0

5

2

13

770

0.60

0.24

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Volusia

0

898

4

239

177

1,318

185

2.51

1.01

Wakulla

0

10

0

0

5

15

843

0.55

0.22

Walton

0

68

0

12

4

84

477

0.97

0.39

Washington

0

2

0

0

1

3

3,321

0.14

0.06

 

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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