Some people are saying the real estate market has stabilized.  Maybe or maybe not.  Foreclosures are still going up.  In fact, according to RealtyTrac.com, foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and a 23% increase from the same quarter in 2008!

In September alone there were more than 340,000 foreclosure filings, an increase of 29 percent from September 2008.  James Saccacio, CEO of RealtyTrac, stated that "Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters."

The bad news for Florida homeowners is that Florida is still in the top five states for foreclosures.  California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62% of the entire nation's foreclosure activity in the third quarter.  Florida posted more than 156,000 property foreclosure filings in the third quarter, a jump of 23% from the same quarter in 2008.

Maybe the real estate market is stabilizing in parts of the country, but not all states are created equal.  However, Floridians may consider themselves lucky, because in Detroit, the average home price is around $8,000.  That is not a typo, it is $8,000.  Sales are rebounding, and prices are still declining.  You decide if this is a stabilized reall estate market.