Foreclosure filings fall 59%

Florida saw a 59% decrease in new foreclosure notices issued in August compared to the same month a year ago. Still, the state had the second-highest total for new issuances, with 23,569 properties — or one in every 376 housing units — entering the foreclosure process.

According to RealtyTrac, Florida banks repurchased 5,096 properties that did not sell at auction, adding to already high levels of real estate owned (REO) throughout the state.

Hillsborough and Lee counties saw the largest numbers of new foreclosure issuances among the Business Review's eight-county coverage area, combining for more than 3,000 new filings. On average, one out of every 267 housing units in those counties received a new notice in August.

Pinellas and Collier counties saw the fewest new issuances, with one of every 600 housing units in those areas receiving a notice.