South Florida Real Estate Blog - Updates & Realty News

Florida continues to dominate foreclosure rankings

Florida, along with three other states, continued to lead the nation in number of foreclosures, accounting for 35 of the 50 highest foreclosure rates among metropolitan areas with a population of 200,000 or more, according to RealtyTrac’s midyear report.

California, Nevada and Arizona were the other three states.

Nationwide, there were 1.5 million foreclosure filings, or one in every 84 homes. That was up 9.46 percent from the previous six months, and up 14.66 percent from the same period last year.

Broken down by metropolitan area, Miami-Fort Lauderdale saw 85,399 foreclosure filings between January and June. That translates to one in every 28 homes falling into foreclosure.

Foreclosure filings for the area were up 11.35 percent over the previous six-month period, and up 40.87 percent when compared with the year-ago period.

Las Vegas posted the nation’s highest foreclosure rate, with 7.45 percent of its housing units receiving a foreclosure filing.

By comparison, the Miami-Fort Lauderdale area rate was 3.54 percent, ranking it at No. 14.

Statewide, Cape Coral/Fort Myers ranked highest, with 7.2 percent of its housing units, or one in every 14, falling into foreclosure. Despite its high ranking, the area did see a 2.66 percent decline from the previous six-month period.

Orlando came it at No. 10 with 4.28 percent of its housing units, or one in every 23, receiving a default notice. Port St. Lucie ranked No. 11, followed by No. 12 Naples in the statewide rankings.

Nationwide, some of the areas that were not hit as hard previously are starting to see a growing number of foreclosures, according to RealtyTrac data.

The Irvine, Calif.-based online marketer of foreclosed properties noted that may be more directly related to growing unemployment than continued fallout from subprime and adjustable rate loans.

Source: South Florida Business Journal 

Posted by Real Estate - Associates on August 2nd, 2009 12:42 PMPost a Comment (0)
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