Florida Foreclosure Activity Up 34 Percent in 2009

Rate ranks #3 nationally; activity up 213 percent from 2007;

Statewide filings up 4 percent from November; 9 percent above a year ago

 

Florida ended 2009 tallying 516,711 properties with foreclosure filings, a 34 percent increase from the total reported for 2008 and 213 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 17 housing units receiving a foreclosure filing, Florida’s foreclosure rate ranked third highest in the nation for the year.

 

Florida reported 55,311 properties with foreclosure filings in December, a 4 percent increase over the previous month, and up 9 percent from December 2008. The state’s foreclosure rate — one in every 158 housing units received a foreclosure filing — was third highest in the nation for the month.

 

“Rising steadily over the past two years, Florida’s level of foreclosure activity was the second highest in the nation in 2009, trailing only California and contributing largely to the nation’s total number of foreclosure filings for the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “As the state heads into 2010 amid high unemployment and still reeling from a fizzled-out building boom, foreclosures are expected to plague the state for some time to come.”

 

Florida’s status as the state with the second highest foreclosure total remained intact for the third consecutive year, trailing only California, which led the nation documenting 632,573 properties with foreclosure filings for 2009. Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Illinois took fourth place, tallying 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (108,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Osceola County posted state’s highest foreclosure rate for 2009

With one in every eight housing units receiving a foreclosure filing in 2009, Osceola County posted the highest county foreclosure rate in the state for the year. Lee County was a close second, also reporting one in every eight housing units receiving a foreclosure filing. Saint Lucie County came in third highest, reporting one in every 10 housing units receiving a foreclosure filing. Orange County was fourth with one in every 11 housing units receiving a foreclosure filing. Fifth highest rate was in Broward County, where one in every 12 housing units received a foreclosure filing.

 

Miami-Dade County led state in foreclosure activity in 2009

Miami-Dade County registered the highest foreclosure activity level of any county in the state for 2009, reporting 72,391 properties with foreclosure filings for the year. Broward County came in second, documenting 69,633 properties with foreclosure filings. Reporting 42,734 properties with foreclosure filings for the year, Lee County had the third highest total in the state. Orange County was fourth highest, reporting 39,946 properties with foreclosure filings, followed by Palm Beach County in fifth place, tallying 30,870 properties with foreclosure filings for all of 2009.

 

State the second largest contributor to nation’s foreclosure total in 2009

Florida accounted for 18 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Florida

516,711

5.93

17

34.10

212.61

 

 

 

 

 

 

Osceola

14,669

12.47

8

39.32

338.14

Lee

42,734

11.87

8

4.13

234.12

Saint Lucie

12,626

9.67

10

17.30

203.15

Orange

39,946

8.81

11

56.50

384.19

Broward

69,633

8.67

12

46.95

234.69

 

 

Florida Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Florida

516,711

5.93

17

34.10

212.61

 

 

 

 

 

 

Miami-Dade

72,391

7.45

13

45.66

186.64

Broward

69,633

8.67

12

46.95

234.69

Lee

42,734

11.87

8

4.13

234.12

Orange

39,946

8.81

11

56.50

384.19

Palm Beach

30,870

4.83

21

31.93

159.32

 

 

Florida Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Florida

0

31,438

1

15,759

8,113

55,311

158

2.32

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

841

0

578

246

1,665

71

5.18

2.24

Lee

0

1,900

0

1,755

890

4,545

79

4.62

1.99

Orange

0

2,129

0

1,727

281

4,137

110

3.34

1.44

Saint Lucie

0

641

0

398

133

1,172

111

3.28

1.42

Charlotte

0

367

0

331

151

849

118

3.10

1.34

 

 

Florida Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Florida

0

31,438

1

15,759

8,113

55,311

158

4.49

8.86

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

5,184

0

948

1,344

7,476

130

2.33

13.62

Broward

0

2,443

0

2,978

1,376

6,797

118

-4.25

143.79

Lee

0

1,900

0

1,755

890

4,545

79

21.52

-29.58

Orange

0

2,129

0

1,727

281

4,137

110

-4.55

-2.52

Palm Beach

0

1,914

0

477

261

2,652

241

-20.14

3.31

 

 

 

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