FLORIDA LEADS NATION IN FORECLOSURES FOR FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Soars 64 Percent From Month Before; 91 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Florida reported 19,144 foreclosure filings in February, the highest state total in the nation. The state’s foreclosure total increased 64 percent from the previous month and 91 percent from the total reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 382 households was the nation’s third highest.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

Florida foreclosure activity has increased more than 100 percent over the last two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite reports of slight increases in consumer confidence statewide for the month, declining housing values remain a major point of concern. Due to large increases in price appreciation over the past few years, the current downslide in property values is having a debilitating effect on homeowners who need to refinance or sell their way out of foreclosure.”

 

The Sunshine State last led the nation in August 2006, when it reported 16,533 foreclosure filings. Florida outdistanced second place California by more than 3,600 filings, and third place Texas by more than 6,700 filings in the foreclosure pipeline. The remaining states rounding out the nation’s top 10 were Michigan, Ohio, Georgia, Illinois, Colorado, New York and New Jersey. Florida’s foreclosure rate was 2.41 times the national average, and only Nevada and Colorado documented higher foreclosure rates than Florida.

 

Six counties combine for more than half of state total

Six counties accounted for 55 percent of all Florida foreclosure activity in February. Miami-Dade County reported the highest county total with 3,035 foreclosure filings for the month. Broward County came in second, reporting 2,061 foreclosure filings. Third highest total was a virtual tie between Duval County — reporting 1,415 filings — and Pinellas County — reporting 1,414 foreclosure filings. Fourth highest total was reported in Palm Beach County, where 1,317 foreclosure filings were documented. Hillsborough County reported the fifth highest county total, with 1,271 filings in the foreclosure pipeline during the month.

 

Osceola County reports highest foreclosure rate in state

Documenting one foreclosure filing for every 143 households — 2.7 times the state average and 6.2 times the national average — Osceola County tallied the state’s highest foreclosure rate for February. Pasco County reported the state’s second highest rate, one foreclosure filing for every 226 households — 1.7 times the state average and 3.9 times the national average. Duval County reported the third highest rate, one foreclosure filing for every 233 households — 1.6 times the state average and 3.8 times the national average. Hernando County came in fourth with a rate of one foreclosure filing for every 247 households— 1.6 times the state average and 3.6 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Florida accounted for 15 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 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: 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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Florida

37

8

5,346

13,242

511

19,144

382

2.32

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

2

0

40

52

3

97

981

0.90

0.39

Baker

0

0

0

3

1

4

1,898

0.47

0.20

Bay

0

0

4

24

3

31

2,530

0.35

0.15

Bradford

0

0

0

3

1

4

2,401

0.37

0.16

Brevard

0

0

231

384

23

638

348

2.54

1.10

Broward

4

0

821

1,204

32

2,061

360

2.46

1.06

Calhoun

0

0

0

5

2

7

750

1.18

0.51

Charlotte

0

0

16

98

1

115

694

1.27

0.55

Citrus

0

0

28

93

6

127

490

1.81

0.78

Clay

0

1

42

123

4

170

316

2.80

1.21

Collier

0

0

7

77

0

84

1,721

0.51

0.22

Columbia

0

0

5

16

1

22

1,072

0.82

0.36

De Soto

0

0

0

10

1

11

1,237

0.71

0.31

Duval

2

1

546

725

141

1,415

233

3.79

1.64

Escambia

0

0

121

155

10

286

436

2.03

0.88

Flagler

2

0

27

36

4

69

354

2.49

1.08

Franklin

0

0

0

4

0

4

1,795

0.49

0.21

Gadsden

0

0

0

0

0

0

n/a

0.00

0.00

Gilchrist

0

0

2

1

1

4

1,274

0.69

0.30

Glades

0

0

0

0

0

0

 n/a

0.00

0.00

Gulf

0

0

0

1

0

1

4,966

0.18

0.08

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Hardee

0

0

1

2

0

3

3,273

0.27

0.12

Hendry

0

0

2

16

2

20

615

1.44

0.62

Hernando

0

0

40

211

3

254

247

3.58

1.55

Highlands

0

0

1

10

4

15

3,256

0.27

0.12

Hillsborough

1

0

341

898

31

1,271

335

2.64

1.14

Holmes

0

0

0

2

1

3

2,666

0.33

0.14

Indian River

0

1

11

39

0

51

1,135

0.78

0.34

Jackson

0

0

0

3

0

3

6,497

0.14

0.06

Lafayette

0

0

0

2

0

2

1,330

0.66

0.29

Lake

1

1

91

218

4

315

326

2.71

1.17

Lee

1

0

57

505

19

582

422

2.10

0.91

Leon

0

0

14

64

3

81

1,284

0.69

0.30

Levy

0

1

0

3

0

4

4,143

0.21

0.09

Liberty

0

0

0

1

1

2

1,578

0.56

0.24

Madison

0

0

0

0

0

0

 n/a

0.00

0.00

Manatee

0

0

60

202

2

264

523

1.69

0.73

Marion

1

0

33

146

3

183

670

1.32

0.57

Martin

0

0

6

56

0

62

1,056

0.84

0.36

Miami-Dade

9

0

1,028

1,963

35

3,035

281

3.15

1.36

Monroe

0

0

2

19

0

21

2,458

0.36

0.16

Nassau

0

0

7

18

0

25

1,037

0.85

0.37

Okaloosa

0

0

13

79

2

94

836

1.06

0.46

Okeechobee

0

0

0

0

0

0

 n/a

0.00

0.00

Orange

3

0

85

719

16

823

449

1.97

0.85

Osceola

0

0

157

324

23

504

143

6.16

2.66

Palm Beach

4

0

189

1,116

8

1,317

422

2.09

0.90

Pasco

1

0

247

508

9

765

226

3.91

1.69

Pinellas

1

0

405

948

60

1,414

341

2.60

1.12

Polk

0

0

230

634

14

878

258

3.43

1.48

Putnam

0

0

3

10

3

16

2,117

0.42

0.18

Saint Johns

0

0

25

102

1

128

453

1.95

0.84

Saint Lucie

1

1

53

169

4

228

400

2.21

0.95

Santa Rosa

0

0

26

49

4

79

622

1.42

0.61

Sarasota

1

0

109

333

6

449

406

2.18

0.94

Seminole

0

0

66

201

6

273

539

1.64

0.71

Sumter

1

0

7

27

0

35

720

1.23

0.53

Suwannee

0

0

0

0

0

0

 n/a

0.00

0.00

Taylor

0

0

6

3

1

10

965

0.92

0.40

Union

0

0

0

2

0

2

1,868

0.47

0.20

Volusia

2

2

136

579

5

724

293

3.02

1.30

Wakulla

0

0

0

14

4

18

546

1.62

0.70

Walton

0

0

2

31

3

36

808

1.09

0.47

Washington

0

0

3

2

0

5

1,901

0.47

0.20

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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