Florida Foreclosure Activity Lower in Second Quarter

Activity level drops 9 percent from Q1; rate 3rd highest in nation

Foreclosure filings decline 9 percent mid-year; up 2 percent in June

 

Florida reported 139,693 properties with foreclosure filings for the second quarter of 2010, a 9 percent drop from the first quarter and 12 percent below the level reported in the second quarter of 2009. One in every 63 Florida housing units received a foreclosure filing during the quarter, giving the state the third highest foreclosure rate in the nation.

 

Activity level in Florida also fell during the first half of 2010, but increased for the month of June. For the first six months of the year, Florida reported 277,073 properties with foreclosure filings, a 9 percent drop in activity from the second half of 2009, but still 3 percent above the level reported mid-year 2009. In June the state tallied 51,550 properties with foreclosure filings, an increase of 2 percent from the previous month, but down 3 percent from June 2009.

 

“Foreclosure activity in Florida fell during the second quarter this year, even with another slight uptick in June,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though activity fell for both the quarter and the half, foreclosures remain a significant problem within the state. Closely related to this issue is the state’s high but slowly improving level of unemployment, which is currently above 11 percent.”

 

California maintained the lead in foreclosures, tallying 192,422 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Osceola County posts state’s top foreclosure rate for the quarter

Osceola County posted the highest county foreclosure rate in Florida during the second quarter, with one in every 31 housing units receiving a foreclosure filing — 4.7 times the national average. Lee County came in second highest foreclosure rate, with one in every 40 housing units receiving a foreclosure filing — 3.6 times the national average. Broward County had the third highest foreclosure rate, with one in every 42 housing units receiving a foreclosure filing — 3.4 times the national average.

 

Miami-Dade County leads state in total foreclosures for the second quarter

Miami-Dade County led Florida in foreclosure activity, reporting 20,084 properties with foreclosure filings for the quarter. Broward County had the second highest foreclosure total, reporting 19,195 properties with foreclosure filings. Reporting 10,345 properties with foreclosure filings for the quarter, Orange County came in third. Lee County was fourth, reporting 9,213 properties with foreclosure filings. Fifth highest total was Palm Beach County, where 7,810 properties with foreclosure filings were reported for the quarter.

 

State the second largest contributor to nation’s quarterly total

Foreclosure activity in Florida represented 16 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Florida

1

64,375

0

42,450

32,867

139,693

63

2.29

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

1,360

0

1,460

1,100

3,920

31

4.67

2.04

Lee

0

3,333

0

3,334

2,546

9,213

40

3.64

1.59

Broward

0

8,998

0

6,327

3,870

19,195

42

3.43

1.50

Orange

0

4,259

0

3,568

2,518

10,345

45

3.24

1.41

Miami-Dade

0

9,186

0

5,359

5,539

20,084

49

2.96

1.29

 

 

Florida Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Florida

1

64,375

0

42,450

32,867

139,693

63

-9.02

-11.61

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

9,186

0

5,359

5,539

20,084

49

0.83

-10.21

Broward

0

8,998

0

6,327

3,870

19,195

42

-9.92

-24.10

Orange

0

4,259

0

3,568

2,518

10,345

45

-3.18

-11.85

Lee

0

3,333

0

3,334

2,546

9,213

40

-10.51

-33.86

Palm Beach

0

4,422

0

1,541

1,847

7,810

82

-28.99

-13.24

 

 

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