FLORIDA FORECLOSURES DECREASE 3 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 212 Percent From a Year Ago; Foreclosure Rate Ranks No. 2 in Nation

 

IRVINE, Calif. – Dec. 19, 2007 – Florida reported 29,238 foreclosure filings in November, a 3 percent decrease from the previous month, but still a 212 percent increase from November 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 282 households was the nation’s second highest.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Many Florida homeowners who took out risky adjustable rate mortgages are seeing their loan payments spike upward,” said James J. Saccacio, chief executive officer of RealtyTrac. “Many homeowners in Florida are being strained by increased property taxes and rising insurance premiums. These factors are putting many homeowners in peril.”

 

Five counties combine for more than half of state foreclosure total

Five counties accounted for 51 percent of all Florida foreclosure activity in November. Miami-Dade County reported the highest county total, with 5,264 foreclosure filings for the month. Broward County came in second, reporting 4,157 foreclosure filings. Lee County reported the third highest foreclosure total, with 1,934 foreclosure filings. Palm Beach County posted the state’s fourth highest foreclosure total, with 1,906 foreclosure filings. Orange County reported the fifth highest county total, with 1,715 foreclosure filings entering some part of the foreclosure pipeline during the month.

 

Saint Lucie County reports highest foreclosure rate in state

Saint Lucie County tallied the state’s highest foreclosure rate for November, documenting one foreclosure filing for every 155 households — 1.8 times the state average and nearly four times the national average. Lee County and Osceola County both documented one foreclosure filing for every 162 households — 1.7 times the state average and 3.8 times the national average — to take the No. 2 and 3 spots respectively. Miami-Dade County registered the state’s fourth highest foreclosure rate, with one foreclosure filing for every 176 households — 1.6 times the state average and 3.5 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Florida accounted for 2 percent of the 201,950 foreclosure filings reported nationwide in November. The national total represents a 10 percent decrease from the previous month, but is still 68 percent above the total reported for November 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 617 U.S. households for 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: 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.


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 1.3 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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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