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Pinellas County, Florida ranks number 99 of 100 counties
in the nation with the highest percentage of households
facing
foreclosure, according to data provided in RealtyTrac's August 2007
U.S. Foreclosure Market Report.
In August, 243,947 foreclosure filings were reported nationwide;
up 36 percent from the previous month and up 115 percent from August
2006. This is the highest number of foreclosure filings in a single
month that RealtyTrac has reported since it began issuing the
monthly report in January 2005.
The report also showed a national foreclosure rate of one
foreclosure filing for every 510 households for the month; the
highest national ratio ever issued by the foreclosure tracking
company.
For homeowners in Pinellas County the ratio is even more
alarming. One of every 300.30 households in the county is now facing
foreclosure.
Statewide, Florida foreclosure activity jumped 77 percent from
the previous month, boosting the state’s foreclosure rate from
seventh highest to third highest among the states. The state
reported 33,932 foreclosure filings, a foreclosure rate of one
foreclosure filing for every 243 households. Florida ranks third
among states with the highest foreclosure rates, following Nevada
and California.
With 495191 households and total foreclosure filings in August
reaching 1649, Pinellas County is one of 18 counties in Florida to
make the national list for counties with the highest foreclosure
rates.
Although it is unclear what may have caused foreclosure activity
in Pinellas County to spike, one thing is clear. The situation is a
national crises for homeowners with mortgages they can no longer
afford AND an unprecedented opportunity for investors and home
buyers.
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