Vero News > 32963 Features > Real Estate > Foreclosure activity in county spikes

Foreclosure activity in county spikes

Written by: February 11 2010
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INDIAN RIVER COUNTY — According to figures released by an industry tracking company, 1 out of every 188 homes in Indian River County received a foreclosure notice last month.In all, 416 homes received either a default notice, foreclosure auction notice or were repossessed by a bank, representing a nearly 16 percent increase from December, according to Realtytrac.com Those figures are consistent with a report on VeroNews.com last week of a spike in December of homeowners over 90 days behind in their mortgage payments.Realtytrac breaks the numbers within the county as 325 homes in Vero Beach in some sort of foreclosure, 79 in Sebastian and 12 in Fellsmere.Indian River went against a trend in nearby counties as both St. Lucie and Martin counties saw double-digit drops in foreclosure activity. Area Realtors say one of the factors in accounting for foreclosures is the backlog in cases working their way through the court system and the spike could be attributed to a number of local cases finally being settled.

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