Florida Foreclosure Activity Falls in April

Statewide filings down 18 percent from March; rate still #3 nationally

 

Monthly foreclosure activity in Florida fell in April, down 18 percent from the previous month to 48,384 properties with foreclosure filings. This latest state total also represents a 25 percent year-over-year decrease in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state maintained its position as third highest state foreclosure rate in the nation with one in 182 Florida housing units receiving a foreclosure filing during the month.

 

“Florida reported a decline in foreclosure filings between March and April, with activity falling well below this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in the number of default notices (lis pendens) filed, which fell 26 percent for the month. However, with one of the country’s highest unemployment rates — currently at 12.3 percent — Florida continues to be a hot bed for foreclosure activity.”

 

California continued to maintain the highest level of foreclosure activity in the country in April, reporting 69,725 properties with foreclosure filings for the month. Michigan rose to third highest, documenting 19,173 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), Ohio (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Osceola County posts highest foreclosure rate for April

With one in every 93 housing units receiving a foreclosure filing — 4.1 times the national average and twice the state average — Osceola County posted the highest county foreclosure rate in the state for the month. Lee County came in second, with one in every 105 housing units receiving a foreclosure filing — 3.7 times the national average and 1.7 times the state average. Broward County was third, with one in every 113 housing units receiving a foreclosure filing — 3.4 times the national average and 1.6 times the state average.

 

Broward County has top foreclosure total in Florida for April

Broward County led all counties in the state, reporting 7,134 properties with foreclosure filings for the month. Miami-Dade County remained second highest, documenting 5,869 properties with foreclosure filings. Reporting 3,502 properties with foreclosure filings for the month, Orange County ranked third highest. Lee County was fourth, reporting 3,479 properties with foreclosure filings. A total of 3,037 properties with foreclosure filings were reported in Palm Beach County, the fifth highest county total in April.

 

State still the second largest contributor to nation’s monthly foreclosure total

Florida accounted for 14 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Florida

1

22,908

0

16,216

9,259

48,384

182

2.13

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

474

0

494

327

1,295

93

4.14

1.95

Lee

0

1,227

0

1,431

821

3,479

105

3.69

1.73

Broward

0

3,708

0

2,120

1,306

7,134

113

3.42

1.61

Orange

0

1,677

0

1,231

594

3,502

132

2.94

1.38

Hernando

0

212

0

225

167

604

134

2.88

1.36

 

 

Florida Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Florida

1

22,908

0

16,216

9,259

48,384

182

-18.09

-25.09

 

 

 

 

 

 

 

 

 

 

Broward

0

3,708

0

2,120

1,306

7,134

113

12.51

-30.77

Miami-Dade

0

2,615

0

2,144

1,110

5,869

167

-36.37

-48.06

Orange

0

1,677

0

1,231

594

3,502

132

-15.98

-23.24

Lee

0

1,227

0

1,431

821

3,479

105

-12.17

-44.53

Palm Beach

0

1,487

0

1,051

499

3,037

211

-23.75

6.71

 

 

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