You can find six of Florida's largest metropolitan areas among the 25 U.S. regions with the highest foreclosure activity, with Ft Lauderdale ranking in the top 10.
There were 24,004 foreclosure filings in Orlando, Florida, a nearly 118 % increase from the number of filings for the same period a year ago, and about 2% of the real estate market, according to RealtyTrac.
The latest foreclosure filings have been ranked based on the percentage of total households facing foreclosure. Miami, the highest amount of foreclosures in Florida, ranked at eight with 51,662 properties that were in some stage of foreclosure. These figures were up 106 % over 2006 and represent more than 2.7 % of the total market.
Number 10, Fort Lauderdale, had 45,367 properties were in some stage of foreclosure, up 110% from the year before. Orlando, just behind Toledo, Ohio, and followed by West Palm Beach, was up 88.9 % from the year before, where 18,561 properties were in some stage of foreclosure,
RealtyTrac Chief Executive Officer James J. Saccacio said in a recent release, "As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation's 100 largest metro areas, with 86 metros reporting increases from 2006". "Most of the metro areas with the highest foreclosure rates were either cities like Stockton [Calif.] and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates."
Topping the foreclosure activity list was Detroit with 72,616 properties in foreclosure, up 68.2 %, and representing 4.9 % of total households.
The national rate was 1% and the 1.4 % average of the top 100 metropolitan areas.
Tampa, St. Petersburg and Clearwater were number 23 with 41,539 properties in some stage of foreclosure, a 95.9 % jump in activity from 2006. and Jacksonville came in at 27th, with 15,149 properties in foreclosure, a 39 % increase over 2006, but still representing 1.8 % of its total market. There were no other Florida MSA’s on the list.
RealtyTrac, based in Irvine, California, publishes one of the largest national databases of pre-foreclosure, foreclosure, owner-sold, resale and new homes.
RealtyTrac announced last month that Florida, behind only Nevada, had finished second overall in terms of foreclosure activity.
Contributed by MLR Realty
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