WARNING!!! Some of these numbers are about to floor you, so please make sure you’re sitting down.
I’ve tried and tried to show the positive side of everything that’s happening in our market, but when you see numbers like this it’s a little tough. The only positive side of this is if you are specializing in the Pre-Foreclosure or REO niche you will be jumping for JOY at these numbers, mainly because your niche is showing NO signs of slowing down anytime over the next few years. Here they are, in all their glory:
All stats are through the First quarter of this year (January, February, March) in FLORIDA
Number of houses already taken back by the bank this year (will be on the market soon with Realtors as REO’s) 18,055
Number of new foreclosure filings (LP’s) so far: 118,301
Percentage of all Florida households filed on in 1st quarter: 1.87%
If you multiply that by 4 (quarters) we are on track to be 7.48% of the whole state by the end of the year! Yes, 7 and a 1/2% of ALL Florida households will be filed on this year!
Here’s the top 10 (worst) counties:
#1 Osceola: 3,127 filings, 5.13% of households, on track for 20.52% for the year, that’s 1 out of every 4.87 households will be filed on this year! The “on track” is if the rate of foreclosures stays exactly the same for the rest of the year, if it increases or reduces the rate later this year, these numbers will be off.
#2 Lee: 7,981 filings, 4.23%, on track for 16.92% or 1 out of every 5.91 households
#3 Flagler: 882 filings, 4.14%, on track for 16.56% or 1 out of every 6.04 households
#4 St Lucie: 2,799 filings, 3.64% on track for 14.56% or 1 out of every 6.87 households
#5 Walton: 454 filings, 2.74% on track for 10.96% or 1 out of every 9.12 households
#6 Broward: 16,872 filings, 2.58% on track for 10.32% or 1 out of every 9.69 households
#7 Dade: 19,720 filings, 2.54% on track for 10.16% or 1 out of every 9.84 households
#8 Pasco: 3,685 filings, 2.50% on track for 10.00% or 1 out of every 10 households
#9 Hernando: 1,272 filings, 2.29% on track for 9.16% or 1 out of every 10.92 households
#10 Orange: 7,671 filings, 2.28% on track for 9.12% or 1 out of every 10.96 households
Did #1 shock you? 20% of the whole county will be in foreclosure this year?!?! Holy Cow!
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