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Florida No. 2 in foreclosures
Florida homeowners continued to feel the pain of the credit crunch as shaky mortgages fell apart last month, pushing the state into the No. 2 rank nationwide for total foreclosure filings in July, according to a RealtyTrac report released Tuesday.
The Sunshine State’s foreclosure activity was up 78 percent over July 2006, RealtyTrac said, but down 9 percent from the previous month. Year over year comparisons are more valid, by the way.
California was No. 1 in total foreclosure filings last month. No surprise there.
Nationwide, total foreclosure filings in July were up 93 percent year over year, RealtyTrac said. They were up 9 percent from the previous month.
The filings include documents in all three phases of foreclosure: (1) default, which includes notice of default (NOD) and lawsuit pending, or lis pendens — but you knew that;
(2) auction, which includes notice of trustee sale (NTS) and notice of foreclosure sale (NFS); and (3) real-estate owned (REO), which includes properties that have been foreclosed on and repurchased by a lender.
Last month, five states accounted for more than half of the total foreclosure filings: California, Florida, Michigan, Ohio and Nevada.
Six of the metropolitan areas with the top 10 highest foreclosure rates in July were in California: Stockton, No. 2; Merced, No. 3; Modesto, No. 4; Vallejo-Fairfield, No. 5; Riverside-San Bernardino, No. 8; and Sacramento, No. 9.
Detroit was No. 1. Other cities in the top 10 were Las Vegas, No. 6; Atlanta, No. 7; and Greeley, Colo., No. 10.
On the list of states with the top foreclosure rates — please note that’s rates, not total filings — Nevada was No. 1, followed by No. 2 Georgia and No. 3 Michigan. Rounding out the list of states with the top 10 highest foreclosure rates in July were California, Colorado, Ohio, Florida, Arizona, Massachusetts and Indiana.
Florida’s foreclosure rate for July was 1 in every 431 households, according to RealtyTrac. That’s more than 1 1/2 times the national rate of 1 in every 693 households.
RealyTrac, based in Irvine, Calif., provides foreclosure information to MSN Real Estate, Yahoo! Real Estate — where the top searches Monday were for San Diego, Las Vegas, Orlando, Houston and Chicago — and The Wall Street Journal.
Nevertheless, The Palm Beach Postdecided to collect its own foreclosure data rather than rely on an outside source. So, each month we go straight to the horse’s mouth — in this case, the county clerk’s office — and get the number of mortgage foreclosure filings.
Our story on local foreclosures for the month of July ran Aug. 8 on the front page of this newspaper under the headline “Foreclosures skyrocket as bailout options fade.”
In Palm Beach County, 1,142 homeowners defaulted on their mortgages in July, compared with 390 in the same month a year ago. That’s a 209 percent increase, and represents 1 in 542 households.
In Martin County, foreclosure filings rose 212 percent, to 75 from 24 in July 1006, according to the clerk’s office. And in St. Lucie County, foreclosures rose 377 percent, to 429 from 90 in the same month a year ago, the clerk’s office said.
Permalink | Comments (14) | Categories: Linda Rawls
Comments
By Sallie's Momma
August 21, 2007 7:27 AM | Link to this
Sallie,
You must be a homeowner getting pounded right now. The total number of foreclosures is significant as well as the economy is driven by large states such as FL, CA, TX, NY. Sorry, you’re losing your house.
By sallie
August 21, 2007 8:28 AM | Link to this
Sorry, not losing my house by a long shot. Am a very conservative homeowner with total debt ratio under 25%. Just tired of seeing numbers slanted to fit the populist opinion. Misinterpreted and poorly drawn conclusions are of no value to anyone and hurt everyone.
By T
August 21, 2007 9:23 AM | Link to this
The number are correct. I just had my house in foreclosure along with about 3 other people i know. Its a reality even if you can’t see it. Or if your well off like sallie.
By Stat Man
August 21, 2007 9:25 AM | Link to this
So Palm Beach County had twice as many households default last month than houses bought? That means demand is 50% of just foreclosures? So new homes being built and existing inventory is going to just get bigger and bigger. Damn we are in for a world of pain here.
By Stat Man
August 21, 2007 10:01 AM | Link to this
Jonny man I wasn’t trying to be a downer. I am just worried because we bought a couple of condos and a residential house for investments. We took the condos off the market until January. We are trying to find rentors for the house but we may need to take a beating and sell now as supply seems to keep going up. I just don’t understand what the problem is mortgate rates are still low and unemployment is still low. Why would there be so many forclosures now?
By cw1900
August 21, 2007 10:24 AM | Link to this
The number one ZIP code in the nation for foreclosures is still, however, in the Rust Belt. It’s Cleveland, 44105, with a total of 784 filings during the three months ended June 15, according to the RealtyTrac study.
The top ten zip codes in the US places hardest hit by foreclosures
44105 Cleveland 30310 Atlanta GA 80219 Denver CO 48228 Detroit MI 95823 Sacramento 48205 Detroit MI 48224 Detroit MI 89031 N. Las Vegas 80239 Denver CO 48219 Detroit MI
Source: money.cnn.com By Les Christie, CNNMoney.com staff writer August 13 2007
The foreclosure is not as big a deal as it is made out to be, you people. The idiots who should never have tried to become homeowners (see my yesterday’s posting) will get it handed to them, as will the Donald Trump wannabes, but the vast majority of homeowners in this county, this state, this country, are in no state of foreclosure, nor will they be.
The PB Post’s own statistics show 1 in every 542 homes in PB County is in some stage of foreclosure. Linda Rawls 8/07/07 “Foreclosures continue to rise”. Many of those will never be foreclosed. Even if it is an increase from last year, I still yawn and wait for the radiator flush to continue. It is a non-event in the long run, and a fantastic media story. Ask Linda. It’s giving her job security lately.
It’s a bit boring here, lately. Remember those Sept 2007 YOY from Sept 2006 median of 365k for SFH’s that will come out in late October. I haven’t forgotten. What will the Post say then, hmmm? That will be a laugh.
I don’t dwell on median price like some of the doomers do, but I will for that number, because it will be very funny to watch the spin in the papers and on this blog.
It appears we have some new people here today. From the comments so far, it looks like the blog is going to take a turn for the worse on the intelligence factor. They will, at the very least, give Max some new fuel, and the rest of us good laughs to come.
cw
By Joe
August 21, 2007 11:57 AM | Link to this
Statman has a point, why are there so many foreclosures here? Interest rates are down and so is unemployment. Why would there be 2X as many foreclosures as homes bought last month? 1000 homes in one month seems to be real high. What is going on?
By to99SEmiz
August 21, 2007 12:29 PM | Link to this
Looked at earlier posts of seeming low resales in 99 SE Mizner that maxi keeps brushing away as “Soprano” deals, family gifts, aberation, etc.
Something doesn’t seem right. Why so many apts for sale in there and so few RECENT sales with much profit from buys in 2005 or 06 ?
For ex. :
Apt 503 2/2 was bought Nov 2005 for $523,000.
Still trying to sell now :
Price History for 99 SE MIZNER 503 - Boca Raton, FL Total Number of Condos in Palmetto Place: 210 25 Condos For Sale Starting at $340,000.
Days On Market: 183
Current List Price: $450,000
Initial List Price: $575,000 (27.8% Reduction)
04/01/07 - Price Reduced to $564,900 04/22/07 - Price Reduced to $549,000 06/20/07 - Price Reduced to $535,000 07/19/07 - Price Reduced to $495,000 07/31/07 - Price Reduced to $450,000
maxi, not trying to rattle your cage (especially if your cage is in this bldg), but doesn’t the dropping prices show they are adjusting back to more in line with what they should be if there were no bubble ?
Isn’t that better for most involved ?
Some 2005/2006 buyers do seem screwed, others will be okay if no need to sell.
Might be some damaged egos when a new neighbor moves in paying much less than ‘05 or ‘06 buyer.
But, hey, maybe taxes will have to go down based on new comps.
Also, please, no more about “list” price gimmicks being involved.
This is obviously going to sell eventually BELOW 523K paid for it in Nov 2005.
By to big trouble
August 21, 2007 12:53 PM | Link to this
here’s my problem with you.
you bought a house. you knew the costs going in. if you did not, then you were lazy and didn’t do enough research.
either way, you signed on the dotted line for a house you knew you could not afford, and you want me to feel sorry for you why?
in the end, it is all your responsibility to know what your monthly expenses are. if you got an arm, that is your fault. you knew it would not last, yet you did it anyway.
learn from your mistakes and try not to bite off more than you can chew next time.
By Mary L.
August 21, 2007 1:12 PM | Link to this
Anybody know why so many foreclosures this month? Thanks
By hey big trouble
August 21, 2007 1:22 PM | Link to this
me and the misses eat oodles of noodles most nights and mac and cheese
all that money we savin i can pay the house note each month and then a little left over for wrastlin pay per view
if you stop goig to fancy places to eat like olive gardin you can pay your house note
get yourself a beater car thatll save you a few bucks too
then you;ll have plenty of left over
last friday nite we got a 12 pack of millers and went down to the intracoastal and watched people fish for awhile
that saved us 20 bucks instead of going to a movie we didnt like anyway
By IWANTYOUR HOMEFOR CHEAP
August 21, 2007 2:54 PM | Link to this
LET THE PAIN BEGINNING! LET THE RATE HIT 8% AND I WLL BUY SOME REAL CHEAP HOMES!
By RealBritFL
August 23, 2007 2:49 AM | Link to this
Anyone facing foreclosure should be aware that there is one very important alternative to avoid the foreclosure and that is the Short Sale. A Short Sale is a proven way for a homeowner who owes more than the house is worth to avoid a foreclosure and the subsequent credit hit. I would advise anyone facing foreclosure to discuss their situation with an experienced Realtor. Short Sales are not a part of real estate basic training but there are a number of educational seminars a Realtor can take to get up to speed. Lenders will pay a reasonable selling commission so Realtors have an incentive to get involved in Short Sale situations. The basic requirements for a Short Sale are a Listing Agreement with a Realtor and a Sales Contract from a Buyer which are submitted to the Lender along with a Hardship Letter from the Seller explaining why they cannot continue to pay the mortgage and supporting documents such as tax returns, bank statements, information and photos of the home and the Comps, or comparative home prices supporting the offer. The way mortgages are sold, the mortgage holder can be anywhere and certainly not aware of local real estate conditions. If the package is complete, the Lender will order a BPO, or Broker’s Price Opinion, from an independent Realtor. Ths BPO is the key to the whole process. If it is too high, the Lender will not accept a low offer. Your Realtor can meet with the Agent doing the BPO and offer information supporting the offer, such as the average time on market of comparable homes, recent selling prices and point out any defects in the home. Most Lenders will accept an offer lower than the BPO, but usually not much more than 10% lower, though that will vary depending on the company. The sales contract should specifically state that the offer is contingent on the Lender accepting the purchase price in full and forgiving the Seller the deficiency on the mortgage. Yes, there can be tax consequences. The Seller does receive a 1099 on the forgiven part of the mortgage, but there are provisions in the tax code for the offset of the phantom income due to insolvency. Most Short Sellers will satisfy the insolvency requirements or the Lender would not be allowing the Short Sale in the first place. Be aware too that if the home goes to foreclosure, a 1099 is received for the FULL amount of the mortgage, plus late fees, legal fees etc. Obviously every individual situation is different so a CPA or tax attorney should be consulted. The process does all take time and Lenders are swamped, expect at least 2-3 months before a sale can be finalized, even if the Lender accepts the first offer. If they do not, the price can be negotiated.
I am a Realtor, a Broker Associate and I am involved in Short Sales. It is a detailed but fairly straightforward process that can work to benefit Buyer, Seller and even the Lender. The Buyer gets a good price on a home, the Seller gets to avoid the disruption and credit hit of a foreclosure and the Lender avoids the delay and expense of foreclosing on a property they don’t want to own and that would negatively impact their ability to make more loans. All this information is available on the web site www.free-foreclosure-information.com
By Jan
August 31, 2007 7:45 AM | Link to this
News:
http://www.pr-inside.com/ransom-enterprizes-llc-warns-that-communications-r211797.htm