Florida Foreclosures Fall for Second Month in October

Statewide filings down 6 percent from September; Foreclosure rate ranks #3 nationally

 

Foreclosure filings fell for the second consecutive month in Florida, down 6 percent from the previous month to 51,911 properties with foreclosure filings, a 4 percent decline from the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 168 Florida housing units received a foreclosure filing in October, the third highest state foreclosure rate in the nation.

 

Florida followed up a double digit decline in foreclosure activity for September with a smaller single-digit decrease in October, which is good news nonetheless,” said James J. Saccacio, chief executive officer of RealtyTrac. “For the first time in 2009 foreclosure activity also fell on a year-over-year basis this month. The largest yearly decline was in default notices, which dropped 9 percent from October 2008, while bank-owned properties had the most significant monthly change, falling 24 percent from September.”

 

In October, Florida posted the second highest foreclosure total in the nation, well behind national leader California, which maintained the top position, reporting 85,420 properties with foreclosure filings for the month. Illinois came in third highest, reporting 19,946 properties with foreclosure filings. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Lee County posts state’s top foreclosure rate in October

With one in every 92 housing units receiving a foreclosure filing — 4.2 times the national average and 1.8 times the state average — Lee County posted the highest county foreclosure rate in the state for October. Orange County ranked second, reporting one in every 100 housing units receiving a foreclosure filing — 3.9 times the national average and 1.7 times the state average. Saint Lucie County had the third highest rate, with one in every 108 housing units receiving a foreclosure filing — 3.6 times the national average and 1.6 times the state average. Fourth and fifth highest foreclosure rates were in Osceola and Broward counties, where one in every 118 housing units received a foreclosure filing during the month — 3.3 times the national average and 1.4 times the state average.

 

Miami-Dade County tops state in foreclosure total during October

Miami-Dade County led all counties in October, reporting 7,741 properties with foreclosure filings for the month. Broward County was second highest, documenting 6,797 properties with foreclosure filings. Reporting 4,555 properties with foreclosure filings for the month, Orange County had the third highest total in the state. Lee County came in fourth, reporting 3,907 properties with foreclosure filings, while the fifth highest total was in Palm Beach County, where 3,350 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s foreclosure activity in October

Florida accounted for 16 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Florida

0

31,380

0

13,639

6,892

51,911

168

2.29

n/a

 

 

 

 

 

 

 

 

 

 

Lee

0

1,836

0

1,041

1,030

3,907

92

4.18

1.82

Orange

0

2,652

0

1,436

467

4,555

100

3.87

1.69

Saint Lucie

0

603

0

260

349

1,212

108

3.57

1.56

Osceola

0

571

0

308

119

998

118

3.27

1.42

Broward

0

3,678

0

2,226

893

6,797

118

3.26

1.42

 

 

Florida Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Florida

0

31,380

0

13,639

6,892

51,911

168

-5.68

-4.44

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

4,769

0

1,751

1,221

7,741

126

0.27

-24.53

Broward

0

3,678

0

2,226

893

6,797

118

3.90

-2.93

Orange

0

2,652

0

1,436

467

4,555

100

1.24

8.79

Lee

0

1,836

0

1,041

1,030

3,907

92

-20.07

-9.35

Palm Beach

0

2,584

0

502

264

3,350

191

11.97

55.02

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved