Florida #2 in Foreclosures Posted by michael.luzzi - View Profile October 23, 2008 11:50:12
New Numbers: Foreclosures Soar, Florida Second in US
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Experts: National Foreclosures Down in August, but Florida Up
October 23, 2008 - 7:26AM Lindsay Cohen
The numbers are out and the outlook is grim: the amount of homeowners rocked by nation's the foreclosure crisis grew by more than 70 percent in the third quarter of this year, compared with last.
New statistics released Thursday morning by California-based RealtyTrac propel Florida into the second-highest spot in the country when it comes to foreclosure filings. One in every 178 housing units in Florida received a foreclosure filing in September, the company said.
Records show foreclosure filings on 47,956 Florida properties during the month. That's a 44 percent increase compared to September 2007.
The numbers push Florida into the second-highest position nationally. Nevada remains tops in foreclosure filings. California, Arizona, and Georgia round out the top five.
There is some good news in the numbers. RealtyTrac reports a 12 percent decline in forcelosures nationally. The company attributes this to new laws that impact the market, especially in California.
"Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac, in a statement.
South Florida does not stack up well in the new rankings, although Palm Beach appears to be doing better than other metropolitan areas in the state. The Palm Beach metro area ranks 19th in foreclosure filings nationally, while Miami is 13th and Ft. Lauderdale ranks fifth.
RealtyTrac is based in Irvine, CA. The company uses default notices, auction sale notices, and bank repossessions to calculate foreclosure filings in its reports.
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