INDIAN RIVER COUNTY – Despite an almost 20 percent drop in foreclosure activity by its neighbor to the south, there was a 7.5 percent increase in Indian River County of homeowners entering into some sort of default of their property in November, according to data put out by Realtytrac.com.
There were 371 foreclosure filings in the county last month, up from 345 in October. In St. Lucie County the number of filings dropped to 983 from 1,212. Overall, in the state repossession activity also rose to 2.2 percent in November. Rick Terry, co-owner of Re/Max Premiere Property Showcase, says the increase in activity may be more related to process than a dramatic change in circumstances in Indian River County.
“I think a lot of it has to do with the organization of the county, all of these foreclosures have to go through the courts and we are a lot smaller than St. Lucie County so it may just be we are getting caught up,” he said.
Indian River County is 23rd amongst the 67 counties in the state, while the downward trend dropped St. Lucie County to third behind Lee and Orange counties. St. Lucie was at the head of the foreclosure list this summer.
“We have been able to keep our prices up longer than other areas, but now people are living in houses that have dropped in value and are now underwater, it may just be them saying there is no use hanging on and walking away,” Terry said.
Nationally the foreclosure trend is also headed down compared to October with the activity falling 7.7 percent. Nevada’s filings dropped nearly 33 percent, but it remained the worst state in the country for homeowners in trouble with their financial institutions.
Florida’s statewide increase dropped the Sunshine State from third to second, switching places with California.
Realtytrac.com defines foreclosure activity as a housing unit receiving a default notice, scheduled foreclosure auction or bank repossession.