Orlando Real Estate News

Orlando Business Journal - by Anjali Fluker Staff Writer

Florida posted fewer foreclosure filings last month, but still finished second in the nation.

The state posted 58,931 foreclosure filings - including default notices, scheduled auctions and bank repossessions - in May, down 8.8 percent from April's total, but still 50 percent higher than May 2008.

Only California had a higher total, with 92,249 properties with May 2009 foreclosure filings.

The Sunshine State was No. 3 in the nation in foreclosure rates, with one in every 148 households receiving a foreclosure filing in May. Nevada led the country with one in every 64 homes receiving a filing, while California was second highest with one in every 144.

The Orlando-Kissimmee market took the No. 8 spot among the nation's top 10 metro areas with the highest foreclosure rates. The area recorded a rate of one foreclosure filing for every 101 homes.

Florida had three cities among the top 10 metro areas, while California had six cities among that mix. Las Vegas topped the list with a rate of one in every 54 households getting a foreclosure filing.

Nationwide, 321,480 foreclosure filings were reported in May, which is 6 percent lower than April 2009, but about 18 percent higher than May 2008. One in every 398 U.S. homes received a foreclosure notice last month.

Vermont again recorded the lowest number of foreclosures, with six reported in May, or one for every 51,906 households.

Data is collected from more than 2,200 counties that account for more than 90 percent of the nation's population.

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