FLORIDA FORECLOSURES DECREASE 12 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 50 Percent From Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Nov. 10, 2006 – For the second straight month Florida reported the nation’s second highest foreclosure total, with 11,413 properties entering some stage of the foreclosure process in October, down 12 percent from the 12,946 foreclosures reported in September, but still 50 percent above the 7,629 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report. The state’s foreclosure rate of one new foreclosure filing for every 640 households ranks it sixth highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.

 

“After leading the nation in total foreclosures in August, Florida has rebounded the past two months as the total number of foreclosures continued to decline each month,” said James J. Saccacio, chief executive officer of RealtyTrac. “At the same time the state’s foreclosure rate compared to the remainder of the country has also declined from being ranked fourth highest in September to sixth highest this month. This trend can be attributed to a resurgence of job growth and the continued health of the local real estate market.”

 

South Florida real estate agent said that despite slowing sales, he expects the market in his area to bounce back early next year.

 

“I think after the first of the year people are still going to want to move to Miami,” he said. “People looking for short-term gains, they missed that boat. But for the long haul it’s still a good investment.”

 

Florida’s foreclosure total is more than 4,500 foreclosures below national leader California for the month and more than 1,000 foreclosures above third place Texas. The remaining states in the nation’s top 10 list for foreclosure totals are Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey and New York. Florida’s foreclosure rate is 1.6 times the national average.

 

Miami-Dade, Broward counties lead state in foreclosure activity

Miami-Dade County had the most foreclosures in the state for October, reporting 2,122 properties entering some stage of the foreclosure process. Reporting 1,606 properties entering some stage of the foreclosure process, Broward County had the state’s second highest total of foreclosures. Both counties reported foreclosure rates that were more than two times the national average despite foreclosure activity declining from the previous month.

 

Gardner said a lot of properties are sitting on the market unsold because the sellers have financed their properties at 100 percent of what the properties are worth, leaving the sellers no room to reduce their asking price. These sellers are more susceptible to default or foreclosure, especially since investors are now more cautious about sinking money into the housing market.

 

“Most of the people who are buying now actually need a place to live. And I think all of the investors are kind of pulling out of the market,” Gardner said. “My only sales I am making are with people who want to occupy. The properties that are selling are the ones that are under-priced.”

 

State’s highest foreclosure rate reported in Orange County

Orange County had the highest foreclosure rate in the state in October, reporting one new foreclosure for every 364 households — 1.8 times the state average and 2.8 times the national average. Miami-Dade County came in second, reporting a foreclosure rate of one new filing for every 402 households — 1.6 times the state average and 2.5 times the national average. Third highest rate was found in Hillsborough County, which reported one new filing for every 407 households — 1.6 times the state average and 2.5 times the national average. Broward County had the fourth highest foreclosure rate for the month, reporting one new filing for every 461 households.

 

Florida makes significant contribution to national total

Florida’s foreclosure activity accounted for 10 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents an increase of 3 percent from the 112,210 foreclosures reported in September. The national foreclosure rate increased to one new foreclosure filing for every 1,001 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).

 

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

 

                      Florida Foreclosure Market by County – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Florida

0

0

1,470

9,698

245

11,413

640

1.56

n/a

 

 

 

 

 

 

 

 

 

 

Alachua

0

0

10

47

7

64

1,486

0.67

0.43

Baker

0

0

0

3

1

4

1,898

0.53

0.34

Bay

0

0

6

42

4

52

1,508

0.66

0.42

Bradford

0

0

0

3

0

3

3,202

0.31

0.20

Brevard

0

0

26

125

4

155

1,433

0.70

0.45

Broward

0

0

231

1,375

0

1,606

461

2.17

1.39

Calhoun

0

0

0

1

0

1

5,250

.019

0.12

Charlotte

0

0

6

72

9

87

917

1.09

0.70

Citrus

0

0

3

27

26

56

1,111

0.90

0.58

Clay

0

0

7

39

5

51

1,054

0.95

0.61

Collier

0

0

8

69

1

78

1,853

0.54

0.35

Columbia

0

0

1

19

2

22

1,072

0.93

0.60

De Soto

0

0

0

22

0

22

619

1.62

1.04

Dixie

0

0

0

0

0

0

0

0.00

0.00

Duval

0

0

80

420

6

506

652

1.54

0.98

Escambia

0

0

37

62

13

112

1,113

0.90

0.58

Flagler

0

0

0

16

0

16

1,528

0.65

0.42

Franklin

0

0

0

5

0

5

1,436

0.70

0.45

Gadsden

0

0

2

5

0

0

0

0.00

0.00

Gilchrist

0

0

3

1

0

4

1,274

0.79

0.50

Glades

0

0

0

0

0

0

0

0.00

0.00

Gulf

0

0

0

0

0

0

0

0.00

0.00

Hamilton

0

0

0

0

0

0

0

0.00

0.00

Hendry

0

0

1

8

1

10

1,229

0.81

0.52

Hernando

0

0

7

78

9

94

667

1.50

0.96

Highlands

0

0

1

23

4

28

1,745

0.57

0.37

Hillsborough

0

0

113

912

22

1,047

407

2.46

1.57

Holmes

0

0

0

0

0

0

0

0.00

0.00

Indian River

0

0

8

99

2

109

531

1.88

1.21

Jackson

0

0

1

4

2

7

2,784

0.36

0.23

Jefferson

0

0

0

4

0

4

1,313

0.76

0.49

Lafayette

0

0

0

0

0

0

0

0.00

0.00

Lake

0

0

14

132

1

147

700

1.43

0.92

Lee

0

0

22

353

30

405

606

1.65

1.06

Leon

0

0

13

60

2

75

1,386

0.72

0.46

Levy

0

0

0

0

0

0

0

0.00

0.00

Liberty

0

0

0

2

0

2

1,578

0.63

0.41

Madison

0

0

0

2

0

2

3,918

0.23

0.16

Manatee

0

0

17

183

4

204

677

1.48

0.95

Marion

0

0

17

50

8

75

1,636

0.61

0.39

Martin

0

0

7

70

1

78

839

1.19

0.76

Miami-Dade

0

0

374

1,735

13

2,122

402

2.49

1.59

Monroe

0

0

2

29

0

31

1,665

0.60

0.38

Nassau

0

0

1

12

0

13

1,994

0.50

0.32

Okaloosa

0

0

8

81

1

90

873

1.15

0.73

Okeechobee

0

0

1

6

0

7

2,215

0.45

0.29

Orange

0

0

68

939

8

1,015

364

2.75

1.76

Osceola

0

0

4

71

3

78

927

1.08

0.69

Palm Beach

0

0

32

825

9

866

643

1.56

1.00

Pasco

0

0

52

307

3

362

478

2.09

1.34

Pinellas

0

0

88

494

11

593

812

1.23

0.79

Polk

0

0

79

235

11

325

697

1.44

0.92

Putnam

0

0

5

13

4

22

1,540

0.65

0.42

Saint Johns

0

0

2

17

3

22

2,637

0.38

0.24

Saint Lucie

0

0

13

120

0

133

686

1.46

0.93

Santa Rosa

0

0

9

18

0

27

1,819

0.55

0.35

Sarasota

0

0

16

121

2

139

1,313

0.76

0.49

Seminole

0

0

20

117

1

138

1,066

0.94

0.60

Sumter

0

0

1

10

1

12

2,100

0.48

0.30

Suwannee

0

0

0

0

0

0

0

0.00

0.00

Taylor

0

0

0

3

1

4

2,412

0.41

0.27

Union

0

0

0

0

0

0

0

0.00

0.00

Volusia

0

0

52

189

5

246

862

1.16

0.74

Wakulla

0

0

0

9

4

13

755

1.32

0.85

Walton

0

0

2

13

1

16

1,818

0.55

0.35

Washington

0

0

2

6

0

8

1,188

0.84

0.54

 

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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