Florida Foreclosure Activity Up Slightly in November

Statewide filings up 2 percent from October; rate ranks #2 nationally

 

Florida foreclosure activity rose in November to 52,935 properties with foreclosure filings, up 2 percent from the previous month, and still 8 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 165 Florida housing units receiving a foreclosure filing in November, the state’s foreclosure rate ranked second highest in the nation.

 

“Florida foreclosures were up slightly both in November and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The highest increase was in auctions, which climbed 22 percent from November of last year. The state’s unemployment rate is still above the national average, keeping the level of foreclosure activity at its current high level. As home sales continue to rise, once we see unemployment begin to drop, the state’s foreclosure situation may begin to improve.”

 

California held on to its substantial lead in total foreclosure activity with 73,995 properties with foreclosure filings, followed by Florida in second place once again. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Osceola County posts state’s highest foreclosure rate in November

With one in every 76 housing units receiving a foreclosure filing — 5.5 times the national average and 2.2 times the state average — Osceola County posted the highest county foreclosure rate in the state for November. Lee County had the second highest rate, with one in every 96 housing units receiving a foreclosure filing — 4.3 times the national average and 1.7 times the state average. Orange County came in third highest, with one in every 105 housing units receiving a foreclosure filing — four times the national average and 1.6 times the state average.

 

Miami-Dade County led state in total foreclosure filings for November

Miami-Dade County led all counties, totaling 7,306 properties with foreclosure filings for the month. Broward County was second highest, documenting 7,099 properties with foreclosure filings. Reporting 4,334 properties with foreclosure filings for the month, Orange County had the third highest total in the state. Lee County was fourth highest, reporting 3,740 properties with foreclosure filings for the month, while Palm Beach County came in fifth, reporting 3,321 properties with foreclosure filings for the month.

 

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

Florida accounted for 17 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Florida

0

32,276

0

13,806

6,853

52,935

165

2.53

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

1,098

0

365

90

1,553

76

5.51

2.17

Lee

0

1,618

0

1,187

935

3,740

96

4.33

1.71

Orange

0

2,180

0

1,758

396

4,334

105

3.99

1.57

Charlotte

0

439

0

392

118

949

105

3.95

1.56

Broward

0

3,649

0

1,890

1,560

7,099

113

3.69

1.46

 

 

Florida Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Florida

0

32,276

0

13,806

6,853

52,935

165

1.97

7.61

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

5,444

0

1,247

615

7,306

133

-5.62

12.87

Broward

0

3,649

0

1,890

1,560

7,099

113

4.44

4.38

Orange

0

2,180

0

1,758

396

4,334

105

-4.85

41.45

Lee

0

1,618

0

1,187

935

3,740

96

-4.27

-35.66

Palm Beach

0

2,559

0

538

224

3,321

192

-0.87

26.66

 

 

 

 

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