Florida, Orlando Again on Top of Foreclosed Property Chart
In May, the number of foreclosure notices filed in Florida dropped from the April total, but the state is still second among all states in number of filings including foreclosed property units, according to a foreclosure report released this week by California-based real estate research service RealtyTrac.
Florida posted a total of 58,931 filings in May, a rise of 50 percent from May 2008 filings. The total included 39,523 lis pendens; 13,363 notices of foreclosure sales; and 6,045 real estate owned foreclosed property units.
Florida was second only to California, which had 92,249 foreclosure filings, including 13,055 real estate owned foreclosed property units.
Based on state foreclosure rates, Florida was third in the May ranking. One house in every 148 housing units received a foreclosure action. It was Nevada who topped the rate chart, with 1 in every 64 housing units hit with a foreclosure filing. California was second, with a foreclosure rate of one house in every 144 housing units.
The Orlando-Kissimmee area was eighth in a rank of ten metropolitan areas with the biggest foreclosure rates. One in every 101 housing units in the area received a foreclosure action.
There are three Florida cities included in the top ten metropolitan areas with the biggest rates: the Fort Myers-Cape Coral area, with 1 in every 82 housing units receiving a filing; the Orlando-Kissimmee area with 1 in every 101 units; and the area covered by Miami, Pompano Beach and Fort Lauderdale, with 1 in every 105 units receiving a filing.
Across the country, a total of 321,480 foreclosure notices, including foreclosed property units, were posted in May, a decrease of 6 percent from total filings in the previous month of April, but an increase of approximately 18 percent from the May 2008 total. Last month, 1 house in every 398 housing units nationwide was notified with a foreclosure action.
Vermont again posted the fewest foreclosure filings in May, with only 6 filings, representing a foreclosure rate of 1 in every 51,906 housing units.
RealtyTrac collects foreclosure and foreclosed property data from over 2,200 counties across the nation. It counts residential properties that had at least 1 foreclosure filing during the month. To prevent double counting for a property that has more than one filing during the month or quarter, the firm counts only the one most recently filed.
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