Florida Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide still up from a year ago.

State’s foreclosure rate No. 3 in the nation.

 

Florida foreclosure activity fell in May to 58,931 properties with foreclosure filings, a 9 percent decline from the previous month, but still 50 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  One in every 148 Florida housing units received a foreclosure filing in May, the third highest state foreclosure rate in the nation for the month.

 

“Foreclosure activity in Florida gave back some of the large increase reported the previous month, heading downward in May, although still up substantially from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Two factors contributing to the state’s continuing foreclosure crisis are an unemployment rate that is above the national average and a large decline in home values over the past year.”

 

The Sunshine State was far outdistanced by top-ranked California, which reported 92,249 properties with foreclosure filings for May. Nevada held on to its third place ranking, reporting 17,157 properties with foreclosure filings, slightly ahead of fourth place Arizona, where 16,865 properties with foreclosure filings were reported. The fifth highest level of foreclosure activity was tallied in Michigan, reporting 13,891 properties with foreclosure filings.

 

Completing the nation’s top 10 states for total foreclosure filings in May were Ohio, Illinois, Georgia, Texas and Virginia. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Five counties accounted for bulk of state’s foreclosure activity for May

Five counties accounted for 55 percent of all foreclosure activity in the state for May. Broward County led all counties, reporting 11,325 properties with foreclosure filings for the month. Second highest total was in Miami-Dade County, where 7,773 properties with foreclosure filings were reported. Orange County had the third highest total, reporting 4,914 properties with foreclosure filings, followed by Lee County, where 4,394 properties with foreclosure filings were tallied. Palm Beach County held the fifth highest total, reporting 3,782 properties with foreclosure filings for the month.

 

Osceola County posts state’s highest foreclosure rate for May

With one in every 66 housing units receiving a foreclosure filing during the month, Osceola County posted the highest county foreclosure rate in the state. Broward County had the second highest rate, with one in every 71 housing units receiving a foreclosure filing. Third highest rate was found in Lee County, where one in every 82 housing units received a foreclosure filing during the month.

 

State the second largest contributor to nation’s foreclosure activity for May

Foreclosure activity in Florida represented 18 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Florida

0

39,523

0

13,363

6,045

58,931

148

-8.76

50.40

 

 

 

 

 

 

 

 

 

 

Alachua

0

113

0

51

26

190

571

0.00

104.30

Baker

0

10

0

1

1

12

729

-36.84

100.00

Bay

0

189

0

74

43

306

320

-21.13

61.90

Bradford

0

3

0

0

1

4

2,531

-33.33

-20.00

Brevard

0

817

0

262

79

1,158

229

-16.33

-9.81

Broward

0

8,007

0

2,580

738

11,325

71

9.90

150.50

Calhoun

0

2

0

0

0

2

2,724

100.00

-60.00

Charlotte

0

319

0

179

152

650

154

-14.47

16.07

Citrus

0

206

0

85

36

327

231

174.79

94.64

Clay

0

198

0

213

70

481

149

-16.49

115.70

Collier

0

822

0

181

206

1,209

159

-12.52

25.16

Columbia

0

21

0

14

7

42

617

-26.32

16.67

De Soto

0

28

0

1

4

33

439

6.45

26.92

Dixie

0

7

0

0

0

7

1,122

-12.50

75.00

Duval

0

1,048

0

310

440

1,798

216

-27.15

63.60

Escambia

0

155

0

98

35

288

481

-24.41

-8.57

Flagler

0

173

0

1

23

197

246

-18.60

3.14

Franklin

0

27

0

0

2

29

293

7.41

107.14

Gadsden

0

25

0

10

0

35

539

-32.69

40.00

Gilchrist

0

9

0

8

2

19

340

280.00

216.67

Glades

0

2

0

0

0

2

3,034

0.00

0.00

Gulf

0

28

0

1

4

33

264

-10.81

10.00

Hamilton

0

7

0

6

1

14

371

27.27

n/a 

Hardee

0

18

0

7

2

27

388

92.86

237.50

Hendry

0

62

0

48

2

112

119

25.84

69.70

Hernando

0

259

0

138

78

475

169

-8.83

-14.57

Highlands

0

119

0

49

30

198

275

-2.46

-23.26

Hillsborough

0

1,739

0

440

229

2,408

214

-25.88

19.74

Holmes

0

2

0

1

1

4

2,083

0.00

300.00

Indian River

0

126

0

62

35

223

346

-27.12

-8.98

Jackson

0

6

0

13

1

20

1,029

-23.08

-4.76

Jefferson

0

9

0

5

2

16

361

14.29

700.00

Lafayette

0

2

0

0

0

2

1,409

 n/a

n/a 

Lake

0

553

0

336

250

1,139

123

4.02

237.98

Lee

0

2,031

0

1,595

768

4,394

82

-29.94

-6.33

Leon

0

121

0

39

15

175

692

-12.06

29.63

Levy

0

22

0

10

3

35

513

0.00

59.09

Liberty

0

1

0

0

1

2

1,625

0.00

 n/a

Madison

0

4

0

4

0

8

1,028

0.00

33.33

Manatee

0

491

0

68

31

590

287

-44.23

-1.99

Marion

0

422

0

389

139

950

168

-6.77

61.02

Martin

0

141

0

99

16

256

296

16.89

0.79

Miami-Dade

0

6,422

0

917

434

7,773

125

-31.21

57.09

Monroe

0

104

0

37

15

156

344

-22.77

32.20

Nassau

0

65

0

9

8

82

400

-43.06

127.78

Okaloosa

0

103

0

78

11

192

484

-18.99

-30.69

Okeechobee

0

19

0

17

8

44

375

-55.10

-46.99

Orange

0

2,959

0

1,332

623

4,914

92

7.72

106.73

Osceola

0

1,115

0

507

154

1,776

66

-14.41

94.95

Palm Beach

0

3,479

0

167

136

3,782

169

32.89

42.13

Pasco

0

1,069

0

233

198

1,500

145

41.91

62.51

Pinellas

0

1,785

0

516

157

2,458

203

47.89

47.98

Polk

0

889

0

537

146

1,572

177

-6.26

52.62

Putnam

0

63

0

25

27

115

308

53.33

130.00

Saint Johns

0

183

0

89

25

297

280

-44.17

89.17

Saint Lucie

0

510

0

527

256

1,293

101

-9.45

13.42

Santa Rosa

0

122

0

48

21

191

308

-29.52

85.44

Sarasota

0

858

0

147

67

1,072

206

-16.45

-6.94

Seminole

0

546

0

339

64

949

182

8.58

65.33

Sumter

0

30

0

19

10

59

746

136.00

68.57

Suwannee

0

13

0

7

1

21

798

-12.50

162.50

Taylor

0

12

0

2

0

14

718

600.00

-6.67

Union

0

0

0

0

0

0

 n/a

-100.00

 n/a

Volusia

0

737

0

415

199

1,351

183

5.55

12.12

Wakulla

0

29

0

1

0

30

438

-21.05

66.67

Walton

0

64

0

16

11

91

453

-13.33

-26.61

Washington

0

3

0

0

1

4

2,512

-33.33

0.00

 

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