Melbourne FL Real Estate / Short Sales / Pre-Foreclosures /

Slight Decline in Florida Foreclosures

According to RealtyTrac, a California based foreclosure company, a total of 223,538 foreclosures were filed nationwide during the month of September. The September US Forecast Market Report shows this is down 8% from the 32-month high in the previous month, but still up 99% from the September 2006 report. What does this mean? The foreclosure rate for the nation in September equaled one foreclosure filing for every 557 households.

How does this fair in Florida?
Although Nevada, for the ninth month in a row, reported the highest foreclosure rate in the US, Florida ranked second. Even though foreclosure activity slipped 2% from August, overall foreclosures in the state of Florida are up 158% from September 2006. This means the Sunshine State has one foreclosure filing for every 248 households.

How to Interpret These Numbers
RealtyTrac's monthly national foreclosure reports do not represent just new households entering the foreclosure process, but tracks total foreclosure activity. Therefore, Florida's August total of 33,932 "foreclosure filings" in actuality represents new initial filings, along with previous filings that continue through the foreclosure procedure. The reports indicate a rolling total tracking foreclosure activity at several stages in the process.

What Does the Future Hold?
RealtyTrac spokesperson Daren Blomquist says high foreclosure numbers are expected to continue. "In 2007, in just the last couple of months, we've seen Florida activity spike pretty dramatically, especially in August. It certainly appears Florida is not out of the woods in terms of the foreclosure activity there. There was definitely a spike nationwide in August. It wouldn't be surprising if the numbers pulled back a little, but all indications are the overall level of foreclosure activity will remain high for the remainder of the year."

Florida Real Estate Journal

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