Florida Foreclosure Activity Climbs in February

Statewide filings up 15 percent from January; rate #3 nationally

 

Foreclosure activity in Florida rose in February to 54,032 properties with foreclosure filings, up 15 percent from the previous month and 16 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 163 Florida housing units received a foreclosure filing in February, taking the state’s foreclosure rate up one notch to rank third in the nation.

 

“Foreclosure activity heated up again in the Sunshine State in February, showing a substantial increase in foreclosure filings compared to one month ago and to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Considering that statewide unemployment recently hit a 35-year high of 11.9 percent, the recent rise in foreclosures comes as no surprise.”

 

Florida came in second place once again, with California maintaining the top spot in the nation for total foreclosure activity, reporting 68,562 properties with foreclosure filings. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Lee County posts top foreclosure rate in the state for February

With one in every 92 housing units receiving a foreclosure filing — 4.5 times the national average and 1.8 times the state average — Lee County posted the state’s highest county foreclosure rate in February. Saint Lucie County came in second, with one in every 94 housing units receiving a foreclosure filing — 4.5 times the national average and 1.7 times the state average. Broward County was third highest, with one in every 102 housing units receiving a foreclosure filing — 4.1 times the national average and 1.6 times the state average.

 

Broward County led the state in total foreclosures in February

Broward County continues to lead all counties in foreclosure activity, totaling 7,872 properties with foreclosure filings for February. Miami-Dade County was second, documenting 6,671 properties with foreclosure filings. Reporting 4,490 properties with foreclosure filings for the month, Palm Beach County ranked third. Lee County was in fourth place, reporting 3,963 properties with foreclosure filings, while the fifth highest total was in Hillsborough County, where 3,780 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s month foreclosure total

Florida accounted for 18 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Florida Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Florida

0

31,225

0

15,815

6,992

54,032

163

2.57

n/a

 

 

 

 

 

 

 

 

 

 

Lee

0

1,673

0

1,584

706

3,963

92

4.54

1.77

Saint Lucie

0

680

0

530

201

1,411

94

4.46

1.74

Broward

0

4,407

0

2,142

1,323

7,872

102

4.09

1.59

Osceola

0

610

0

372

71

1,053

115

3.64

1.42

Seminole

0

596

0

497

330

1,423

122

3.42

1.33

 

 

Florida Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Florida

0

31,225

0

15,815

6,992

54,032

163

14.79

16.47

 

 

 

 

 

 

 

 

 

 

Broward

0

4,407

0

2,142

1,323

7,872

102

2.54

48.03

Miami-Dade

0

4,594

0

1,583

494

6,671

147

44.14

86.60

Palm Beach

0

3,336

0

770

384

4,490

143

62.56

68.48

Lee

0

1,673

0

1,584

706

3,963

92

31.14

-28.77

Hillsborough

0

1,941

0

1,736

103

3,780

138

29.59

30.52

 

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