Wednesday, January 14, 2009

Florida Ranks Second in Foreclosures in 2008

Foreclosures.com just released the U.S. foreclosure report and Florida ranks second in 2008 foreclosures. 

Florida led in preforeclosure filings nationally in 2008 with more than 500,000 or about 86% for every 1,000 households.  California was second with about 450,000, Arizona was third with about 120,000. 

Florida was also second in bank home repossessions with about 107,000 or about 17% for every 1,000 households.  California was first in the nation with about 260,000 filings with Texas in third with about 70,000 real estate owned properties. 

Approximately 1 million homes nationwide went into foreclosure in 2008.  This is an increase of about 63% from 2007.  An additional 2.1 million preforeclosure filings were reported in the U.S. last year, up about 62% from 2007.

The analysis was based on the number of formal notices filed against a property during the foreclosure process, which includes notice of default, notice of foreclosure auction and notice of lender owned real estate that occurs after a foreclosed property fails to sell at auction and reverts back to the lender.