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Florida Ranks 2nd for Pre Foreclosures according to foreclosures.com

August 6th, 2007 · No Comments

The Sunshine State saw a spike in pre-foreclosure filings last month, pushing it to No. 2 in the nation in total filings and filings per capita so far this year, according to Foreclosures.com.

Florida recorded 111,236 year-to-date pre-foreclosures, second only to California’s 132,101. That also amounts to 1.76 percent per capita, which only was behind Nevada’s 2.55 percent per capita.

For July, Florida posted 21,120 filings, compared with 13,005 filed in June. Florida’s July numbers lagged behind only California, with 23,662, but were well ahead of the 6,498 filed in Texas.

Pre-foreclosure filings indicate homeowners are in default on their mortgages and can include notice of default or notice of auction. All pre-foreclosure filings do not result in homes being lost.

But for the first seven months of this year, a total of 18,935 Florida homes were lost to foreclosure, or 0.3 percent per capita. For July, 4,268 homes were lost, a jump from June’s 2,691. The state didn’t rank among the nation’s top 10 in homes lost, the report says.

Nationwide, pre-foreclosure filings totaled 617,162, or 0.8 percent per capita; 100,421 of those were in July. Meanwhile, 300,938 homes were lost to foreclosures, or 0.37 percent per capita. The total number of homes lost in July was 51,373, up from 41,535 reported in June.

“The numbers are dismal, but we had better get used to it because the blood-letting will likely continue for another 12-18 months,” says Foreclosures.com President Alexis McGee. “It’s a tough reality, but many more overextended homeowners not even in default yet won’t be able to refinance because of tightened credit markets and will eventually lose their homes to foreclosure.”

Tags: Market Statistics