FLORIDA FORECLOSURES DECREASE 21 PERCENT IN SEPTEMBER

State’s Activity Up 41 Percent From Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Oct. 31, 2006 – After one month as the national leader in total foreclosure filings, Florida has relinquished its title as foreclosures declined 21 percent in September to 12,946 properties entering some stage of the foreclosure process — down from the 16,433 foreclosures reported in August. Although now second behind new leader California, the state’s total is still 41 percent ahead of the 9,183 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report. The state’s foreclosure rate of one new foreclosure filing for every 564 households ranks it fourth highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Florida’s economy is surviving the national economic downturn as is evidenced by continued job growth and home price appreciation,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, rising home insurance premiums and cost of living in general are starting to show their long-term effect as the number of home sales and building permits continues their sharp decline, resulting in foreclosure levels remaining high.”

 

Florida’s total is slightly less than 2,000 foreclosures below California for the month and a little less than 1,000 foreclosures above third place Texas. The remaining states in the top 10 fore total foreclosure filings include Michigan, Illinois, Ohio, Georgia, Colorado, Indiana and New York.

 

With a foreclosure rate that is 1.8 times the national average, Florida is slightly better than third place Michigan, which reported a foreclosure rate of one new foreclosure filing for every 538 households — 1.9 times the national average. Colorado reported the highest foreclosure rate for the month, with one new filing for every 408 households — 2.5 times the national average. Second-ranked Nevada reported one new filing for every 452 households — 2.3 times the national average.

 

Large share of state activity found in Miami-Dade and Broward counties

Miami-Dade and Broward counties alone were responsible for 44 percent of all foreclosure activity in Florida for September. Miami-Dade County had the highest total, reporting 3,142 properties entering some stage of the foreclosure process. Reporting 2,540 properties entering some stage of the foreclosure process, Broward County had the second highest total in the state. Coming in a distant third was Duval County, reporting 880 properties in some stage of the process, followed closely by Palm Beach County, reporting 873 properties in the foreclosure pipeline.

 

Miami-Dade and Broward counties also post highest foreclosure rates

In addition to the highest foreclosure totals for the month, Miami-Dade and Broward counties also reported the highest foreclosure rates in the state. Reporting one new foreclosure filing for every 271 households — 2.1 times the state average and 3.8 times the national average — Miami-Dade County had the state’s highest foreclosure rate in September. Broward County registered the second highest rate in the state, reporting one new foreclosure filing for every 292 households — 1.9 times the state average and 3.5 times the national average. The state’s third highest rate was reported in Clay County, which documented one new filing for every 340 households — 1.7 times the state average and three times the national average.

 

Florida makes major contribution to monthly national total

Total foreclosure activity in Florida accounted for 12 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents a decrease of less than 1 percent from the 113,300 reported in August. The nation’s foreclosure rate was one new foreclosure filing for every 1,030 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                       Florida Foreclosure Market by County – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Florida

0

0

1,609

11,050

287

12,946

564

1.83

 

 

 

 

 

 

 

 

 

 

Alachua

0

0

4

81

3

88

1,081

0.95

0.52

Baker

0

0

0

0

0

0

0.00

0.00

Bay

0

0

11

53

0

64

1,226

0.84

0.46

Bradford

0

0

0

2

0

2

4,803

0.21

0.12

Brevard

0

0

13

373

1

387

574

1.80

0.98

Broward

0

0

210

2,302

28

2,540

292

3.53

1.93

Calhoun

0

0

0

3

1

4

1,313

0.79

0.43

Charlotte

0

0

12

38

5

55

1,450

0.71

0.39

Citrus

0

0

2

31

6

39

1,595

0.65

0.35

Clay

0

0

14

134

10

158

340

3.03

1.66

Collier

0

0

9

107

1

117

1,235

0.83

0.46

Columbia

0

0

1

7

4

12

1,965

0.52

0.29

De Soto

0

0

0

16

0

16

851

1.21

0.66

Duval

0

0

210

594

76

880

375

2.75

1.51

Escambia

0

0

15

105

6

126

989

1.04

0.57

Flagler

0

0

4

26

1

31

789

1.31

0.72

Franklin

0

0

0

0

0

0

0.00

0.00

Gadsden

0

0

2

5

0

7

2,529

0.41

0.22

Gilchrist

0

0

0

4

1

5

1,019

1.01

0.55

Glades

0

0

0

1

0

1

5,790

0.18

0.10

Gulf

0

0

0

0

0

0

0.00

0.00

Hamilton

0

0

0

0

0

0

0.00

0.00

Hardee

0

0

0

0

0

0

0.00

0.00

Hendry

0

0

0

9

0

9

1,366

0.75

0.41

Hernando

0

0

5

114

1

120

523

1.97

1.08

Highlands

0

0

2

8

0

10

4,885

0.21

0.12

Hillsborough

0

0

102

556

17

675

631

1.63

0.89

Holmes

0

0

0

5

0

5

1,600

0.64

0.35

Indian River

0

0

4

37

1

42

1,379

0.75

0.41

Jackson

0

0

0

8

0

8

2,436

0.42

0.23

Jefferson

0

0

0

1

0

1

5,251

0.20

0.11

Lafayette

0

0

0

0

0

0

0.00

0.00

Lake

0

0

13

74

0

87

1,182

0.87

0.48

Lee

0

0

17

210

9

236

1,040

0.99

0.54

Leon

0

0

20

64

2

86

1,209

0.85

0.47

Levy

0

0

0

0

0

0

0.00

0.00

Madison

0

0

0

0

0

0

0.00

0.00

Manatee

0

0

14

89

4

107

1,291

0.80

0.44

Marion

0

0

35

128

35

198

620

1.66

0.91

Martin

0

0

6

48

1

55

1,190

0.87

0.47

Miami-Dade

0

0

421

2,710

11

3,142

271

3.80

2.08

Monroe

0

0

0

32

0

32

1,613

0.64

0.35

Nassau

0

0

1

18

0

19

1,364

0.76

0.41

Okaloosa

0

0

1

27

1

29

2,710

0.38

0.21

Okeechobee

0

0

0

0

0

0

0.00

0.00

Orange

0

0

59

468

10

537

688

1.50

0.82

Osceola

0

0

5

58

0

63

1,148

0.90

0.49

Palm Beach

0

0

77

792

4

873

637

1.62

0.89

Pasco

0

0

44

265

8

317

546

1.89

1.03

Pinellas

0

0

86

396

8

490

983

1.05

0.57

Polk

0

0

62

210

12

284

797

1.29

0.71

Putnam

0

0

8

21

2

31

1,093

0.94

0.52

Saint Johns

0

0

8

75

3

86

675

1.53

0.84

Saint Lucie

0

0

11

179

0

190

480

2.15

1.18

Santa Rosa

0

0

5

41

0

46

1,068

0.97

0.53

Sarasota

0

0

19

98

2

119

1,533

0.67

0.37

Seminole

0

0

23

253

3

279

527

1.95

1.07

Sumter

0

0

1

7

2

10

2,520

0.41

0.22

Suwannee

0

0

0

0

0

0

0.00

0.00

Taylor

0

0

0

1

0

1

9,646

0.11

0.06

Union

0

0

0

0

0

0

0.00

0.00

Volusia

0

0

51

134

5

190

1,115

0.92

0.51

Wakulla

0

0

0

7

1

8

1,228

0.84

0.46

Walton

0

0

2

20

2

24

1,212

0.85

0.47

Washington

0

0

0

5

0

5

1,901

0.54

0.30

 

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 construction properties, with more than 1 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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