Naples FL is 12th highest in foreclosures!
Good time for investors to pick up red-hot deals in Naples FL, I think - and I'm not even in real estate!
By LAURA LAYDEN 6:00 a.m., Thursday, October 23, 2008
NAPLES — Cape Coral-Fort Myers is third in the country for its foreclosure rate.
In August, it fell to No. 6. In July, it was at No. 1.
In September, it moved up again to No. 3, with one in every 72 households receiving a foreclosure-related filing. That was down 7 percent from the previous month, but still up 105 percent from a year ago, according to Irvine, Calif.-based RealtyTrac Inc.
In Lee County, total filings grew to 4,764 last month.
RealtyTrac’s report tracks default notices, auction sale notices and bank repossessions.
Naples-Marco Island moved up in the rankings too in September. It landed in 12th place in the country, with one in every 143 households receiving a notice. In August, it was 22nd.
Last month, foreclosure activity was up 13 percent from August and 335 percent from a year ago in the Naples area, according to RealtyTrac.
In Collier County, total filings grew to 1,310 last month.
In the state, Collier had the seventh highest foreclosure rate. Lee came in second after Osceola County, which took over the top spot.
Charlotte County ranked 11th in the state for it foreclosure activity last month. It had 576 filings, or one for every 167 households, down 10 percent from a month earlier, but up 159 percent from a year ago.
In September, new foreclosure filings — or default notices — reached a record high in Collier County. They jumped to 751, up from 674 in August — and beat the all-time high of 716 set in June, according to the Collier County Clerk’s Office.
Lee saw its new filings grow last month to 2,447, much closer to its record of 2,518 in June, according to its county clerk.
Nationwide, foreclosure filings were reported on 265,968 properties in September, down 12 percent from a month earlier, but still up 21 percent from the same month last year. One in every 475 households received a filing last month.
The decline last month is mainly attributed to changes in state laws that have slowed the pace of foreclosure filings. Most significant is a law in California that took effect in September, which requires lenders to contact borrowers at least 30 days before filing a notice of default.
“I think the numbers are artificially low this month and we fully expect them to go up in October and November,” said Rick Sharga, vice president of marketing for RealtyTrac. During the third quarter, filings reached 765,558 nationwide, up more than 3 percent from the second quarter and 71 percent from the same months last year, according to RealtyTrac. For the quarter, Cape Coral-Fort Myers ranked second in the country for its activity. Naples-Marco Island landed at 18.
Darren Blomquist, marketing and communications manager for RealtyTrac, said he wasn’t surprised to see metros in Florida, such as Naples-Marco Island, move up so much in the rankings in September. They moved up as other metros in California saw a big drop in activity because of the new law, he explained.
Nevada continues to have the highest state foreclosure rate. In September, it saw a 11 percent increase in activity with 13,022 homes receiving a filing.
Florida took a leap to the No. 2 spot, with a 9 percent month-over-month increase in activity. One in every 178 households received a filing. There were 47,956 filings during the month, up 44 percent from a year ago.
In the third quarter, six states accounted for 60 percent of the foreclosure activity: California, Florida, Arizona, Ohio, Michigan and Nevada. There were 127,306 filings on Florida properties in the quarter, ranking it in second place behind California, which accounted for more than 27 percent of the nation’s foreclosure activity.
“Florida will probably continue to be in the top three or four states...There is way too much inventory in Florida right now. There are still condo developments that haven’t hit the foreclosure market and will yet,” Sharga said.
In the third quarter, two Florida cities ranked in the top 10 for their foreclosure rate among the nation’s 100 largest metro areas. Fort Lauderdale came in at No. 5, with 2.3 percent of its housing units receiving a filing. Orlando was eighth, with 1.87 percent of its units getting one.
In September, Merced, Calif., took the top spot for its foreclosure activity.