Orlando ranks No. 8 in August foreclosures

The local foreclosure rate in August placed the Orlando-Kissimmee area among the nation’s top 10 metro areas, said RealtyTrac’s August foreclosure report.

Orlando-Kissimmee had the eighth highest rate with one in every 87 homes receiving a foreclosure filing last month. The Cape Coral-Fort Myers area was the only other Florida metro in the top 10, placing No. 9 with one in every 88 homes getting an August filing.

The Sunshine State continued to hold the second spot in the nation in foreclosures, the report said. About one in every 140 Florida homes received a foreclosure filing — including default notices, scheduled property auctions and bank repossessions — in August, second only to Nevada’s rated of one in every 62 homes.

Meanwhile, Florida posted 62,401 August foreclosure filings, a more than 10 percent jump from the previous month despite a 5 percent decrease in bank repossessions. Florida also saw a 12 percent jump in August default notices when compared with the previous month, while 13 percent more auctions were scheduled in August than in July.

Only California had a higher number of total filings, with 92,326 filed during the month.

Nationwide, 358,471 foreclosure filings were reported in August, nearly 1 percent less than the previous month but up nearly 18 percent greater than August 2008. RealtyTrac also reported one in every 357 U.S. homes received a filing in August.

Six states accounted for 62 percent of the nation’s total foreclosure activity in August, despite decreasing bank repossessions in all six states.

The RealtyTrac U.S. Foreclosure Market Report tracks properties with at least one foreclosure filing reported during the month. Data is collected from more than 2,200 counties nationwide accounting for more than 90 percent of the nation’s population.

Source: Orlando Business Journal