FLORIDA FORECLOSURE ACTIVITY UP NEARLY 8 PERCENT IN FEBRUARY

Increases 69 Percent From February 2007; Ranks Third Highest Foreclosure Rate

 

IRVINE, Calif. – March 26, 2008 – Florida reported 32,447 properties with foreclosure filings for February 2008, the second highest total in the nation. The total represents a nearly 8 percent increase from the previous month, and is 69 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 254 Florida households received a foreclosure filing during the month, 2.2 times the national average and the third highest rate among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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 continues to languish in a cycle of foreclosure activity that keeps it near the top of the nation in terms of total activity, both on a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate remains below the national average, home sales volume and the median home price are both continuing their downward trend, making it difficult for distressed homeowners to find their way out of foreclosure.

 

The Sunshine State remained in second place, falling short of national leader California by more than 21,000 properties with foreclosure filings. However, the state is well above third place Texas by more than 20,000 properties with foreclosure filings reported during the month. Michigan came in at fourth place, with 10,957 properties with foreclosure filings, while Ohio followed closely behind in fifth place, reporting 10,386 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in February were Arizona, Illinois, Georgia, Colorado and Nevada.

 

Broward County leads state in total foreclosure activity

Broward County led the state in foreclosure activity for the month, reporting 4,739 properties with foreclosure filings. Miami-Dade County came in a close second, reporting 4,558 properties with foreclosure filings. Third place Lee County reported 3,739 properties with foreclosure filings, while fourth place Orange County documented 1,936 properties with foreclosure filings. Hillsborough County rounded out the state’s top five, with 1,735 properties entering some stage of the foreclosure pipeline. The top five counties accounted for 52 percent of the state total for February.

 

Lee County posts highest foreclosure rate in the state

Lee County posted the highest foreclosure rate in the state for February with one in every 84 households receiving a foreclosure filing for the month — three times the state average and 6.7 times the national average. Osceola County came in second with a rate of one in every 112 households receiving a foreclosure filing — 2.3 times the state average and five times the national average. The third highest rate was documented in Saint Lucie County, where one in every 144 households received a foreclosure filing — 1.8 times the state average and 3.9 times the national average. Broward County had the state’s fourth highest foreclosure rate with one in every 167 households receiving a foreclosure filing — 1.5 times the state average and 3.3 times the national average.

 

State a large contributor to nation’s foreclosure total in February

Total filings in Florida accounted for 15 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                Florida Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Florida

11

88

4,924

24,808

2,616

32,447

254

2.19

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

0

13

71

7

91

1,150

0.48

0.22

Baker

0

0

1

3

1

5

1,658

0.34

0.15

Bay

0

1

24

74

20

119

754

0.74

0.34

Bradford

0

0

0

6

3

9

1,104

0.50

0.23

Brevard

1

4

138

665

42

850

297

1.88

0.86

Broward

2

11

953

3,174

599

4,739

167

3.34

1.53

Calhoun

0

0

0

0

1

1

5,376

0.10

0.05

Charlotte

0

0

42

240

38

320

286

1.95

0.89

Citrus

0

0

17

114

18

149

471

1.18

0.54

Clay

0

0

8

106

2

116

565

0.99

0.45

Collier

0

5

90

474

17

586

309

1.80

0.82

Columbia

0

0

4

13

2

19

1,314

0.42

0.19

De Soto

0

0

0

32

0

32

444

1.26

0.57

Dixie

0

0

0

0

2

2

3,817

0.15

0.07

Duval

0

3

246

1,046

48

1,343

273

2.04

0.93

Escambia

0

0

33

172

20

225

598

0.93

0.43

Flagler

0

2

6

143

13

164

240

2.32

1.06

Franklin

0

0

0

21

0

21

384

1.45

0.66

Gadsden

0

0

4

4

1

9

2,028

0.27

0.13

Gilchrist

0

0

0

7

2

9

701

0.79

0.36

Glades

0

0

0

2

0

2

2,970

0.19

0.09

Gulf

0

0

0

11

3

14

607

0.92

0.42

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Hardee

0

0

0

6

2

8

1,275

0.44

0.20

Hendry

0

0

3

43

9

55

230

2.42

1.10

Hernando

0

1

56

302

31

390

187

2.98

1.36

Highlands

0

0

15

103

16

134

387

1.44

0.66

Hillsborough

0

3

243

1,436

53

1,735

283

1.97

0.90

Holmes

0

0

1

1

0

2

4,110

0.14

0.06

Indian River

0

1

19

171

12

203

347

1.60

0.73

Jackson

0

0

7

7

0

14

1,450

0.38

0.18

Jefferson

0

0

0

1

0

1

5,589

0.10

0.05

Lafayette

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

1

37

277

23

338

378

1.47

0.67

Lee

0

5

494

2,941

299

3,739

84

6.66

3.04

Leon

0

0

19

111

9

139

837

0.67

0.30

Levy

0

0

2

13

4

19

915

0.61

0.28

Liberty

0

0

0

3

1

4

807

0.69

0.32

Madison

0

0

0

4

1

5

1,620

0.34

0.16

Manatee

0

2

80

477

77

636

253

2.20

1.01

Marion

0

0

35

187

22

244

597

0.93

0.43

Martin

1

1

29

125

8

164

445

1.25

0.57

Miami-Dade

3

16

736

3,515

288

4,558

204

2.73

1.25

Monroe

0

0

17

69

6

92

575

0.97

0.44

Nassau

0

0

1

29

3

33

918

0.61

0.28

Okaloosa

0

1

5

140

20

166

528

1.05

0.48

Okeechobee

0

1

6

20

3

30

540

1.03

0.47

Orange

0

3

262

1,517

154

1,936

219

2.54

1.16

Osceola

0

1

143

699

69

912

112

4.97

2.27

Palm Beach

2

7

158

1,443

84

1,694

366

1.52

0.70

Pasco

0

4

92

630

33

759

268

2.08

0.95

Pinellas

0

2

221

1,004

154

1,381

359

1.55

0.71

Polk

0

2

119

743

71

935

275

2.03

0.93

Putnam

0

0

6

17

3

26

1,346

0.41

0.19

Saint Johns

0

0

16

108

10

134

559

1.00

0.46

Saint Lucie

2

2

175

540

96

815

144

3.88

1.77

Santa Rosa

0

0

62

81

8

151

376

1.48

0.68

Sarasota

0

4

82

583

134

803

260

2.14

0.98

Seminole

0

2

58

357

36

453

367

1.52

0.69

Sumter

0

0

7

20

1

28

1,278

0.44

0.20

Suwannee

0

0

0

5

2

7

2,337

0.24

0.11

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

2

134

637

30

803

295

1.89

0.86

Wakulla

0

0

0

11

2

13

923

0.60

0.28

Walton

0

1

4

46

2

53

706

0.79

0.36

Washington

0

0

1

8

1

10

995

0.56

0.26

 

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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