High Foreclosure Numbers Continue in Flagler County
Posted in Foreclosures, by Courtney Allen
Photo by Idea go
Foreclosure cases moved up in December in Flagler County making the total number of distressed homes nearly double in number compared to the preceding month. In November, there were 149 households lingering in some state of foreclosure and in the next month, the number moved up to 272 homes.
These foreclosures in December 2011 have made this county’s foreclosure posting rate the highest in this state. In November, the rate was one foreclosure for every 331 households whereas in December, the rate was modified to one foreclosure for every 182 homes.
Volusia County is the neighbor of Flagler County, located in the southern side of Flagler. In the month of November, there were 642 foreclosures in this county whereas in December, the number was lower with 463 foreclosures.
For every 389 homes, there was one foreclosure in this county in November whereas the rate improved to one foreclosure for every 539 homes in the next month. Volusia was in the 22nd position in November for posting the highest rates of foreclosure, and in the next month, the rank improved to 28th position. December is the third consecutive month for this county for declining foreclosure activities.
Local housing experts could not identify the reason behind this contrasting picture between these two neighboring counties. While Volusia is posting lower foreclosures, Flagler is increasing its number of foreclosure postings.
However, one reason has been pointed out. In 2005, when the real estate market of this region was at its peak, many new buildings had been constructed in Flagler County. Moreover, the Census Bureau of US reported that in that period, the population growth in this county was the fastest in the country.
In the words of the GM of Daytona Beach – based Adams, Cameron & Co. Realtors, John Adams, “Even now as we’re stabilizing and beginning our recovery, it’s not surprising that they’d still be a little behind the curve.”
He also said that this sudden spike in foreclosure activities in Flagler in December is a bit surprising. He added, “Personally, I’ve been seeing Flagler County coming back on its own, so I’m shocked to see foreclosure numbers are up there. But Flagler has certainly been struggling for some time.”
In 1999, Palm Coast – at present the largest city of this county, was incorporated within Flagler County. This city expanded very fast compared to older cities. Most of the newly built housing units of this city were purchased during the last housing peak at very high rates.
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