Florida Foreclosure Activity Unchanged in July

Statewide filings down 9 percent from a year ago; rate No. 3 nationally

 

Foreclosure activity in Florida was virtually unchanged in July at 51,557 properties with foreclosure filings, 9 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 171 Florida housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

“The Sunshine State had plenty to smile about in July as the state’s foreclosure level remained static for the month, and was down slightly from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The 21 percent increase in auction notices for the month was almost entirely offset by the 17 decrease in bank-owned properties. The state’s unemployment rate is still the fifth highest in the nation, a fact that will need to change before foreclosure levels can begin to stabilize statewide.”

 

As it has since February 2007, Florida posted the second highest foreclosure total in the nation behind national leader California, which reported 66,910 properties with foreclosure filings in July. Illinois moved up a notch to third highest total, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Osceola County posts top county foreclosure rate in July

One in every 90 housing units in Osceola County received a foreclosure filing in July, giving the county the top foreclosure rate in the state for the month. Lee County posted the second highest rate, with one in every 92 housing units receiving a foreclosure filing during the month. Coming in third was Charlotte County, where one in every 95 housing units received a foreclosure filing in July.

 

Miami-Dade County dominates state with top foreclosure total for July

Reporting 7,107 properties with foreclosure filings in July, Miami-Dade County led the state in total foreclosure activity. Broward County was second highest, reporting 6,471 properties with foreclosure filings. Lee County came in third, tallying 3,958 properties with foreclosure filings. Fourth highest was Palm Beach County, where 3,759 properties with foreclosure filings were reported. Orange County was fifth, reporting 3,628 properties with foreclosure filings for the month.

 

State a major contributor to nation’s monthly foreclosure total

Florida accounted for 16 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Florida

0

20,914

0

19,842

10,801

51,557

171

2.32

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

488

0

486

377

1,351

90

4.43

1.91

Lee

0

950

0

2,144

864

3,958

92

4.30

1.85

Charlotte

0

255

0

596

215

1,066

95

4.18

1.80

Broward

0

2,351

0

2,516

1,604

6,471

125

3.19

1.37

Seminole

0

629

0

459

288

1,376

127

3.13

1.35

 

           

Florida Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Florida

0

20,914

0

19,842

10,801

51,557

171

0.01

-8.73

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

3,100

0

2,362

1,645

7,107

138

-15.64

-1.15

Broward

0

2,351

0

2,516

1,604

6,471

125

4.76

-23.96

Lee

0

950

0

2,144

864

3,958

92

21.26

-29.45

Palm Beach

0

1,448

0

1,752

559

3,759

170

77.23

41.74

Orange

0

1,607

0

1,077

944

3,628

127

-16.33

-12.58

 

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