Thursday, November 01, 2007

Is your home overvalued in this market?

From the Herald Tribune:
Sarasota, Manatee and Charlotte counties had foreclosure actions against 2,920 homes in the third quarter of 2007, up from 857 in the same 2006 quarter -- a 241 percent jump.

That is according to numbers released by RealtyTrac Inc., the California-based company that tracks the phenomenon.

Sarasota County saw the bulk of the increase, jumping to 1,406 in the July-to-September quarter, up from 365 in the third quarter of 2006, a 285 percent leap, and up 48 percent from the 952 actions in the second quarter.

In Florida, the data documented a third-quarter rate of one foreclosure filing for every 95 households, the nation's third-highest foreclosure rate for a state. A total of 86,465 foreclosure filings on 60,992 properties were reported in the state during the third quarter, up more than 50 percent from the previous quarter and more than double the number reported in the third quarter of 2006.

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