Florida Foreclosure Activity Declines in January

Statewide filings down 14 percent from December; rate ranks #4 nationally

 

Foreclosure activity in Florida decreased in January to 47,069 properties with foreclosure filings, a 14 percent decline from December 2009 but still 15 percent ahead of January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 187 Florida housing units receiving a foreclosure filing in January, the state’s foreclosure rate ranked number four in the nation for the month.

 

“Florida foreclosures were down in January to the lowest level they’ve been since March 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest monthly declines were in auction notices and bank-owned properties, both falling 24 percent for the month. Home sales throughout the state increased significantly during the past year due to the hefty drop in home prices and a large inventory of distressed properties.”

 

California continued to hold the highest number of foreclosures in the nation with 71,817 properties with foreclosure filings in January. Florida ranked second once again, documenting 47,069 properties with foreclosure filings for the month. Arizona came in third highest, reporting 21,048 properties with foreclosure filings. Illinois ranked fourth, reporting 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for November.

 

Broward County posts top foreclosure rate in the state for January

With one in every 105 housing units receiving a foreclosure filing — 3.9 times the national average  and 1.8 times the state average — Broward County posted the state’s highest county foreclosure rate in January. Lee County was second, with one in every 121 housing units receiving a foreclosure filing — 3.4 times the national average and 1.6 times the state average. Osceola County came in third highest, with one in every 127 housing units receiving a foreclosure filing — 3.2 times the national average and 1.5 times the state average.

 

Five counties responsible for major portion of state foreclosure filings in January

Five counties accounted for 46 percent of all foreclosure activity in the state for January. Broward County led the way, totaling 7,677 properties with foreclosure filings for the month. Miami-Dade County was second highest, documenting 4,628 properties with foreclosure filings. Reporting 3,372 properties with foreclosure filings for the month, Orange County had the third highest total. Lee County came in fourth, reporting 3,022 properties with foreclosure filings, followed by Hillsborough County where 2,917 properties with foreclosure filings were reported.

 

State a major contributor to nation’s foreclosure total in January

Florida accounted for 15 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Florida

0

28,887

0

12,013

6,169

47,069

187

2.19

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

4,210

0

2,197

1,270

7,677

105

3.86

1.78

Lee

0

1,368

0

1,083

571

3,022

121

3.35

1.55

Osceola

0

520

0

290

143

953

127

3.19

1.47

Hendry

0

49

0

43

11

103

130

3.12

1.44

Charlotte

0

342

0

371

48

761

133

3.05

1.41

 

 

 

Florida Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Dec 09

% Chg

Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Florida

0

28,887

0

12,013

6,169

47,069

187

-14.09

15.45

 

 

 

 

 

 

 

 

 

 

Broward

0

4,210

0

2,197

1,270

7,677

105

12.95

74.36

Miami-Dade

0

3,393

0

562

673

4,628

212

-38.10

-11.90

Orange

0

1,946

0

971

455

3,372

137

-18.49

14.58

Lee

0

1,368

0

1,083

571

3,022

121

-33.51

-32.68

Hillsborough

0

2,125

0

593

199

2,917

179

14.89

2.93

 

 

 

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