RealtyTrac: Foreclosures on the rise
The number of homes going into default continues to rise, despite the fact that many banks have agreed to put a moratorium on foreclosures.
A report by RealtyTrac found nationwide foreclosure filings – default notices, auction sale notices and bank repossessions – increased nearly 6 percent in February over the previous month and nearly 30 percent from a year ago.
Florida ranked second in the nation in the amount of foreclosure activity, jumping nearly 14 percent from the previous month and 43 percent from last year, according to the Irvine, Calif.-based provider of online foreclosure information.
The hike was due in large part to a nearly 158 percent year-over-year increase in auction sale notices and a 128 percent year-over-year increase in bank repossessions.
The Orlando area’s foreclosure filings for the month of February were the 11th highest among the nation’s metro areas with a population of at least 200,000, according to a monthly report from RealtyTrac.
Lake, Orange, Osceola and Seminole counties recorded 7,690 foreclosure filings in February, a 48 percent jump from January’s 5,193 filings and more than double the 3,693 filings reported in February 2008.
On the flip side, many of the homes going into foreclosure are being bought, said Darrell Naquin of Coldwell Banker in West Palm Beach.
Florida’s existing home sales rose 24 percent last month, the fifth consecutive month to show an increase in activity, according to the Florida Association of Realtors.
In Florida 8,450 existing homes sold, up 24 percent from the 6,810 homes sold in January 2008, according to FAR.
“I see that as good news. They’re selling. Inventory is being absorbed,” Naquin said. “They are selling because pricing has reached a point where it’s actually the price for which someone is wiling to purchase.”
Nationwide, 290,631 properties had foreclosure filings, 46,391 of which were in Florida.
One in every 440 homes nationwide was hit with a foreclosure filing. In Florida, one in every 188 homes faced foreclosure.
A report by RealtyTrac found nationwide foreclosure filings – default notices, auction sale notices and bank repossessions – increased nearly 6 percent in February over the previous month and nearly 30 percent from a year ago.
Florida ranked second in the nation in the amount of foreclosure activity, jumping nearly 14 percent from the previous month and 43 percent from last year, according to the Irvine, Calif.-based provider of online foreclosure information.
The hike was due in large part to a nearly 158 percent year-over-year increase in auction sale notices and a 128 percent year-over-year increase in bank repossessions.
The Orlando area’s foreclosure filings for the month of February were the 11th highest among the nation’s metro areas with a population of at least 200,000, according to a monthly report from RealtyTrac.
Lake, Orange, Osceola and Seminole counties recorded 7,690 foreclosure filings in February, a 48 percent jump from January’s 5,193 filings and more than double the 3,693 filings reported in February 2008.
On the flip side, many of the homes going into foreclosure are being bought, said Darrell Naquin of Coldwell Banker in West Palm Beach.
Florida’s existing home sales rose 24 percent last month, the fifth consecutive month to show an increase in activity, according to the Florida Association of Realtors.
In Florida 8,450 existing homes sold, up 24 percent from the 6,810 homes sold in January 2008, according to FAR.
“I see that as good news. They’re selling. Inventory is being absorbed,” Naquin said. “They are selling because pricing has reached a point where it’s actually the price for which someone is wiling to purchase.”
Nationwide, 290,631 properties had foreclosure filings, 46,391 of which were in Florida.
One in every 440 homes nationwide was hit with a foreclosure filing. In Florida, one in every 188 homes faced foreclosure.

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