FORECLOSURE ACTIVITY DOWN 37 PERCENT IN MIAMI METRO

Foreclosure Filings Up 23 Percent From November 2007

 

IRVINE, Calif. – Dec. 31, 2008 – Total foreclosure filings in the Miami metro area decreased 37 percent in November from the previous month but were up 23 percent from November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 147 Miami metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 15th highest among the 230 metro areas tracked each month 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 for November in the Miami metro area took back a significant chunk from the large gain seen in October, but was still well ahead of the numbers reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “As in many major metropolitan areas around the country, Miami is suffering from rising unemployment and double-digit home price depreciation when compared on a yearly basis. Despite recent increases in home sales, until these economic fundamentals are corrected, foreclosure activity will continue to plague the metro area.

 

The Miami metro area, which comprises Miami-Dade County, reported 6,473 properties with foreclosure filings in November, the eighth highest total among the 230 metro areas tracked in the RealtyTrac report, but still lower than the totals in the Tampa-St. Petersburg-Clearwater and Fort Lauderdale metro areas.

 

With one in every 147 housing units receiving a foreclosure filing during November — 1.2 times the state average and 3.3 times the national average — the Miami metro area’s foreclosure rate ranked seventh highest among Florida metro areas tracked in the report.

 

State ranks second highest nationally in foreclosure activity and rate

Florida reported 49,190 properties with foreclosure filings in November, maintaining the second highest state total in the nation for the 22nd consecutive month. After two consecutive monthly increases in activity this latest total represents a 9 percent decline from the previous month, but is still 68 percent ahead of the level reported in November 2007. One in every 173 Florida housing units received a foreclosure filing during the month, the second highest state foreclosure rate in the nation.

 

State a large contributor to nation’s foreclosure total in November

Florida accounted for 19 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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.

 

       Miami Metro Area Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Florida

0

29,653

0

11,353

8,184

49,190

173

2.81

n/a

Miami MSA

0

4,212

0

1,255

1,006

6,473

147

3.31

n/a

 

 

 

 

 

 

 

 

 

 

Miami Metro Area (Miami-Dade County)

0

4,212

0

1,255

1,006

6,473

147

3.31

1.18

 

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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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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