Florida Foreclosure Activity Rises in May

Statewide filings up 5 percent from April; Rate ranks 3rd

 

Foreclosure activity in Florida rose 5 percent in May to 50,685 properties with foreclosure filings, nearly 14 percent below the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate was the nation’s third highest, as one in every 174 Florida housing units received a foreclosure filing during the month.

 

“Foreclosure activity in Florida was up in May but down compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in bank-owned properties, which climbed 18 percent during the month. The state’s unemployment rate decreased slightly but is still above the national average. Home prices have continued to decline during the first quarter but at a slower rate than previous quarters. If these trends continue to turn around, we may see foreclosures starting to decline in the near future.”

 

California continued to lead the nation in total foreclosure activity, reporting 72,030 properties with foreclosure filings in May. Florida remained secure in second place, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Osceola County posts top foreclosure rate in May

Osceola County posted the highest county foreclosure rate in the state, with one in every 87 housing units receiving a foreclosure filing — 4.6 times the national average and twice the state average. Lee County came in second, with one in every 102 housing units receiving a foreclosure filing — 3.9 times the national average and 1.7 times the state average. With one in every 120 housing units receiving a foreclosure filing — 3.3 times the national average and 1.5 times the state average — Broward County had the third highest foreclosure rate in the state.

 

Miami-Dade County tallies highest foreclosure total for May

Miami-Dade County led all counties in the state in total foreclosure activity, reporting 7,696 properties with foreclosure filings for the month. Broward County came in second, documenting 6,719 properties with foreclosure filings. Reporting 3,576 properties with foreclosure filings for the month, Lee County was third highest. Orange County was fourth, reporting 3,275 properties with foreclosure filings, followed by Palm Beach County, where 2,977 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s monthly foreclosure total in May

Florida accounted for 16 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Florida

0

22,314

0

17,430

10,941

50,685

174

2.30

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

475

0

535

385

1,395

87

4.61

2.00

Lee

0

1,324

0

1,381

871

3,576

102

3.92

1.70

Broward

0

3,089

0

2,435

1,195

6,719

120

3.33

1.45

Miami-Dade

0

3,591

0

2,615

1,490

7,696

127

3.14

1.36

Orange

0

1,062

0

1,390

823

3,275

141

2.84

1.23

 

 

Florida Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Florida

0

22,314

0

17,430

10,941

50,685

174

4.76

-13.99

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

3,591

0

2,615

1,490

7,696

127

31.13

-0.99

Broward

0

3,089

0

2,435

1,195

6,719

120

-5.82

-40.67

Lee

0

1,324

0

1,381

871

3,576

102

2.79

-18.62

Orange

0

1,062

0

1,390

823

3,275

141

-6.48

-33.35

Palm Beach

0

1,628

0

525

824

2,977

215

-1.98

-21.29

 

 

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