Foreclosure Activity Increases 4 Percent in Third Quarter, According to RealtyTrac® U.S. Foreclosure Market Report

IRVINE, CA — RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for the third quarter of 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 930,437 properties in the third quarter, a nearly 4 percent increase from the previous quarter but a 1 percent decrease from the third quarter of 2009.

One in every 139 U.S. housing units received a foreclosure filing during the quarter.

Foreclosure filings were reported on 347,420 U.S. properties in September, an increase of nearly 3 percent from the previous month and an increase of 1 percent from September 2009.

A record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark in a single month.

"Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months," said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 "We expect to see a dip in those bank repossessions -- and possibly earlier stages of the foreclosure process -- in the fourth quarter as several major lenders have halted foreclosure sales in some states while they review irregularities in foreclosure-processing documentation that has been called into question in recent weeks."

Impact of lender foreclosure halts

Foreclosure activity in the 24 judicial foreclosure states most affected by the foreclosure documentation issue accounted for 40 percent of all foreclosure activity in the third quarter and 36 percent of bank repossessions, or REOs.

"If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity as many of the delayed foreclosures move forward in the foreclosure process," Saccacio said.

"However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows -- causing more uncertainty about home prices."

Preliminary RealtyTrac foreclosure sales numbers for September show that overall foreclosure sales -- including pre-foreclosure sales and REO sales -- accounted for 31 percent of all sales during the month. REO sales alone accounted for 18 percent of all sales.

Foreclosure sales in the 24 states most affected by the foreclosure documentation issue accounted for 32 percent of all foreclosure sales nationwide, based on the preliminary September data.

Foreclosure Activity by Type

During the quarter a total of 269,647 properties received default notices (Notices of Default or Lis Pendens), a decrease of 1 percent from the previous quarter and a decrease of 21 percent from the third quarter of 2009, when default notices peaked at more than 342,000.

Foreclosure auctions were scheduled for the first time on a total of 372,445 properties during the quarter, the highest quarterly total for scheduled auctions in the history of the report.

Scheduled auctions increased 5 percent from the previous quarter and were up 4 percent from the third quarter of 2009.

Bank repossessions (REOs) also hit a record high for the report in the third quarter, with a total of 288,345 properties repossessed by the lender during the quarter -- an increase of 7 percent from the previous quarter and an increase of 22 percent from the third quarter of 2009.

Nevada, Arizona, Florida post top state foreclosure rates in third quarter

As it has for the past 15 quarters, Nevada continued to document the nation's highest state foreclosure rate in the third quarter of 2010 despite a year-over-year decline in foreclosure activity.

One in every 29 Nevada housing units received a foreclosure filing during the quarter, almost five times the national average. Nevada foreclosure activity increased nearly 1 percent from the previous quarter but was down nearly 20 percent from the third quarter of 2009.

Arizona posted the nation's second highest state foreclosure rate for the fifth consecutive quarter, with one in every 55 housing units receiving a foreclosure filing, and Florida posted the nation's third highest state foreclosure rate for the fourth consecutive quarter, with one in every 56 housing units receiving a foreclosure filing.

With one in every 70 housing units receiving a foreclosure filing during the third quarter, California documented the nation's fourth highest foreclosure rate, followed by Idaho, with one in every 86 housing units receiving a foreclosure filing during the quarter.

A total of 7,424 Idaho housing units received a foreclosure filing during the quarter, an increase of nearly 20 percent from the previous quarter and an increase of nearly 14 percent from the third quarter of 2009.

Other states with foreclosure rates ranking among the top 10 in the first quarter were Utah, Georgia, Michigan, Illinois and Hawaii.

Five states account for more than 50 percent of nation's third quarter total

California alone accounted for 21 percent of the nation's total foreclosure activity in the third quarter, with 191,016 properties receiving a foreclosure notice -- the nation's largest foreclosure activity total.

California foreclosure activity decreased nearly 1 percent from the previous quarter and was down nearly 24 percent from the third quarter of 2009.

Florida foreclosure activity increased 12 percent from the previous quarter and was flat from a year ago, giving the state the second largest foreclosure activity total, with 157,026 properties receiving a foreclosure filing.

With 49,103 properties receiving a foreclosure filing in the third quarter, Arizona posted the nation's third largest state foreclosure activity total. Arizona foreclosure activity increased nearly 8 percent from the previous quarter but was down 2 percent from the third quarter of 2009.

Illinois posted the nation's fourth largest foreclosure activity total, with 47,802 properties receiving foreclosure filings, and Michigan posted the nation's fifth largest foreclosure activity total, with 46,100 properties receiving foreclosure filings.

Foreclosure activity in both Illinois and Michigan increased on a quarterly and annual basis in the third quarter.

Other states with foreclosure activity totals among the nation's 10 highest were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (17,670)

Contact:

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NAI Realvest negotiates new long-term retail lease with Quest Diagnostic Lab in New Smyrna Beach, FL

 MAITLAND, FL. – NAI Realvest recently negotiated a new long term lease for 1,654 square feet of retail space at 1700-1722 Canal Street (SR 44) in New Smyrna Beach.  

 Thomas E. Hankins (top right photo) CCIM SIOR, principal at NAI Realvest negotiated the transaction representing the landlord, Concord Americas Corporation of San Antonio, Texas.  

 The tenant, Tampa-based Quest Diagnostics Clinical Laboratories, Inc., leased the space for its East Volusia operations.

 For more information, please contact:

Thomas E. Hankins, CCIM, SIOR, Principal, NAI Realvest 407-949-0727 (Direct) or thankins@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Sanford City Commission Names Ball, Bowlin to Sanford Airport Authority Board to Oversee Orlando Sanford International Airport

 SANFORD, Fla. --- The Sanford City Commission recently appointed Sanford residents Tom Ball (top left photo) and Henry Bowlin (middle left photo) to four-year terms on the Sanford Airport Authority Board.

 Ball is a longtime area commercial real estate professional. Bowlin is an executive at Century Link.

 Larry Dale (lower right photo), president of Orlando Sanford International Airport, said Ball and Bowlin will replace William Miller, who served as a member of the Sanford Airport Authority Board for 18 years, and John Williams, a member of the board for eight years.

  “William Miller helped usher in a new era at Orlando Sanford International Airport,” Dale said.

 Miller played an instrumental role in the development of regular scheduled passenger service at the airport and construction of both airport passenger terminals, Dale explained.

Both Miller and Williams helped lead the effort to extend Runway 9R-27L and develop the airport’s parking garage, along with numerous other capital projects on the airfield and in the Airport Commerce Park, Dale said.

 For more information, please contact:

Diane Crews, VP of Administration, Sanford Airport Authority, 407-585-4010

Larry Dale, President, Sanford Airport Authority; 407-585-4002

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

NAI Realvest Negotiates Industrial leases at Commerce Centers in Orlando and DeBary, FL totaling 10,000 SF+

 MAITLAND, FL– NAI Realvest recently negotiated two industrial leases for a total of 10,120 square feet at the Hanging Moss CommerCenter (bottom left photo) in Orlando and at Springview CommerCenter in DeBary.

 Michael Heidrich (top right photo), principal in the firm, negotiated a lease for 6,200 square feet at Suite 100 6148 Hanging Moss Rd. representing the landlord COP-Hanging Moss, LLC of Maitland.   The tenant is Florida Injury and Rehabilitation Centers, Inc.

 Heidrich also represented Shockley Group, Inc. the landlord in a lease at 210 Springview Commerce Drive at Springview CommerCenter in DeBary.  The tenant Ricky Ramirez leased Unit 110 with 3,920 square feet at the facility.

 For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheicrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan or Larry Vershel, LV Communications, 407-644-4142  (fax: 4410)

Florida REO Managers awarded contract to manage foreclosed St. Petersburg apartment community, more expected

ORLANDO, FL--  Florida REO Managers, Inc. (www.floridareomanagers.com), an affiliated company of Realty Marketing Associates, based in Orlando, was recently awarded a contract to manage Oak Clair Apartments, a 32-unit St. Petersburg rental community owned by City National Bank of Los Angeles.

Ron Schwartz (top right photo), principal at Florida REO Managers, said he formed the new company to meet demands for local and statewide management and court appointed receivers of residential apartments and commercial properties that have been by out-of-state lenders in foreclosures.

Already, Florida REO Managers has been assigned 10 properties by the courts or the lenders in areas from Vero Beach to Ft Walton Beach and from the Atlantic to the Gulf of Mexico.

“We work with out-of-state lenders and attorney’s who have taken back Florida properties, or who need a receiver to make sure that the borrower’s property continues to be maintained properly during the sometimes lengthy foreclosure process,” Schwartz said.

“In today’s real estate market it is imperative that the bank REO properties take good care of their tenants as well as their properties, and many lenders are based in other states,” Schwartz explained.

“They need a Florida based management representative and we have more than 30 years of experience managing and operating residential apartments and commercial properties,” Schwartz said.

 Schwartz said he expects a wave of new business as more properties enter the foreclosure process.

“Residential apartments and commercial property foreclosures have been overshadowed by the single family foreclosures problem, but a wave of apartments and commercial property foreclosures is headed our way,” Schwartz said.

Kevin Kellehe (lower right photo)r with Franklin Street Real Estate Services, a Tampa real estate broker, was awarded the listing of the St Petersburg property for sale.

Recently, Florida REO Managers completed a Titusville project as a court appointed receiver and REO manager that was awarded to them by Crown North, a service corporation in Jacksonville, and a Brevard County court.

 “We’re getting calls from lenders and attorneys on a daily basis,” Schwartz said. “This is a big story that will have major implications for Florida’s economy."

For more information, please contact:

Ron Schwartz, Principal, Florida REO Managers, Inc. 407-342-3648 (direct)

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Women’s Healthcare of Orlando to open in Avalon Park

 ORLANDO, FL. --- Avalon Park Group recently negotiated a long term lease with Women’s Healthcare of Orlando for 1,795 square feet of professional office space at 3701 Avalon Park Blvd. West in downtown Avalon Park off Alafaya Trail in east Orlando.

 Stephanie Hodson, marketing coordinator for Avalon Park Group, said Dr. Ingrid Dunn (top right photo) , an OB/Gyn physician, will open her practice in mid December in suite 230 of the Keith A. Ewing Medical Office Building.  

 Hodson said Dr. Dunn has clinical privileges at Florida Hospital and Winter Park Memorial Hospital. 

 Dr. Dunn is a member of the American Medical Association and American College of Obstetricians and Gynecologists. 

Beat Kahli (lower left photo) is founder and owner of Avalon Associates. 

 For more information, please contact:

Stephanie Hodson, Marketing Coordinator, Avalon Park, 407-658-6565

Beat Kahli, Founder/Owner Avalon Associates 407-658-6565 

Larry Vershel or Beth Payan, LV Communications, 407-644-4142