FORECLOSURE ACTIVITY DOWN 27 PERCENT IN MIAMI METRO AREA FOR THE FIRST QUARTER

Foreclosure Filings Up 11 Percent From The First Quarter 2008

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 30,477 properties in the Miami-Fort Lauderdale metro area in the first quarter, down 27 percent from the previous quarter, but still up 11 percent from the first quarter 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 79 Miami metro housing units received a foreclosure filing during the quarter, ranking the metro area’s foreclosure rate 22nd highest among the 203 metro areas with populations over 200,000 tracked each quarter by RealtyTrac.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity decreased significantly in the Miami metro area in the first quarter of 2009, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, statewide unemployment is still up significantly, while home prices are remaining at low levels compared to last year. Taken together these factors suggest that more foreclosures are likely in the coming months.”

 

Comprised of Broward, Miami-Dade and Palm Beach counties, the Miami-Fort Lauderdale metro area’s total properties with foreclosure filings was the sixth highest total among the 203 metro areas tracked in the RealtyTrac report.

 

With one in every 63 housing units receiving a foreclosure filing during the first quarter — 1.2 times the state average and 2.5 times the national average — Broward County had the highest foreclosure rate in the metro area.  Miami-Dade County registered the second highest county foreclosure rate, with one in every 78 housing units receiving a foreclosure filing — twice the national average. Palm Beach County had the third highest rate, with one in every 121 housing units receiving a foreclosure filing — 1.3 times the national average.

 

State ranks second highest nationally in foreclosure activity

Florida reported 119,220 properties with foreclosure filings in the quarter, maintaining the second highest state total in the nation. This latest total represents a 12 percent decrease from the previous quarter, but is still 36 percent ahead of the level reported in the first quarter 2008. One in every 73 Florida housing units received a foreclosure filing during the quarter, the fourth highest state foreclosure rate in the nation for the quarter.

 

State a large contributor to nation’s foreclosure total in Q1 2009

Florida accounted for 15 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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.

 

Miami Metro Area Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Florida

0

70,114

183

33,035

15,888

119,220

73

-12.19

35.64

Miami MSA

0

15,646

55

9,682

5,094

30,477

79

-26.64

11.36

 

 

 

 

 

 

 

 

 

 

Broward

0

4,369

27

5,665

2,732

12,793

63

-14.40

17.09

Miami-Dade

0

7,132

15

3,486

1,787

12,420

78

-37.87

6.13

Palm Beach

0

4,145

13

531

575

5,264

121

-20.35

11.08

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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