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Foreclosures data rise in Florida, soar nationwide

Home foreclosures rose in Florida data and nationwide during 2006, up 42 percent nationwide and 2 percent in Florida, according to a national survey released Thursday by RealtyTrac, a California-based company.

found at orlando sentinel by Jerry W. Jackson
January 26, 2007

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While Florida's rate of increase trailed the nation's for the year, the number of Florida homes entering some stage of foreclosure ranked third nationally because of the state's size and population.

Florida had 124,721 filings during the year, RealtyTrac said, or 1.7 percent of all households in the state. That foreclosure rate was the seventh highest nationally, down from first place in 2005.

Texas had the most filings of any state -- 156,876 -- during 2006, up 14 percent for the year.

Metro Orlando had 12,271 filings, RealtyTrac said, or about 1.8 percent of households. That ranked Orlando, which was the 30th-biggest metro area as of the 2000 census, 26th in terms of foreclosure rates.

The worst foreclosure rates were in Detroit; Atlanta; Indianapolis; Denver; Dallas; Fort Worth, Texas; Las Vegas; Memphis, Tenn.; Fort Lauderdale; and Miami.

While the 42 percent jump in foreclosures nationwide -- to more than 1.2 million -- "bears watching," the nation has been through periods when foreclosures were occurring at even higher rates, said Rick Sharga, a RealtyTrac vice president.

"It is important to keep that in perspective," Sharga said. "Historically, about 1 percent of all mortgages go into foreclosure. Right now we're probably running at 1 percent to 1.5 percent. There have been times in the past when we've been over 2 percent."

Sharga said RealtyTrac's database goes back only about two years. But mortgage data from previous years and decades, collected by other groups, show that foreclosures have been higher during recessions and weak economic periods.

"What makes 2006 different is that we've seen the increase [in foreclosures] despite low unemployment and a growing economy," Sharga said. "So that bears watching," because many adjustable-rate mortgages will adjust higher in the coming year, and the overall effect of the housing slowdown and slower equity appreciation will ripple through the economy.

Jerry W. Jackson can be reached at jwjackson@orlandosentinel.com or 407-420-5721.

Foreclosure Data RealtyTrac today released its U.S. Foreclosure Market Report containing year-end data for 2006. Nationwide, 1.2 million properties entered some stage of foreclosure during 2006, a 42-percent jump from 2005. The report also indicates that one of every 92 households across the country filed for foreclosure.

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