FORECLOSURE ACTIVITY DOWN 4 PERCENT IN MIAMI METRO AREA FOR JANUARY

Foreclosure Filings Up 24 Percent From January 2008

 

IRVINE, Calif. – Feb 27, 2009 – Foreclosure filings were reported on 11,400 properties in the Miami-Fort Lauderdale metro area in January, down 4 percent from the previous month, but still a 24 percent increase from January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 212 Miami metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 22nd among the 203 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 January in the Miami metro area decreased slightly between December 2008 and January, though it remains significantly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosed properties continue to represent a major portion of the region’s available inventory, making it difficult for would be sellers to get a reasonable price for their homes in this difficult market.”

 

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 182 housing units receiving a foreclosure filing during January — 1.2 times the state average and 2.6 times the national average — Broward County had the highest foreclosure rate of all counties in the metro area.  Miami-Dade County registered the second highest foreclosure rate, reporting one in every 185 housing units receiving a foreclosure filing — 1.2 times the state average and 2.5 times the national average. Third highest rate was in Palm Beach County, where one in every 366 housing units receiving a foreclosure filing — 1.3 times the national average.

 

State ranks second highest nationally in foreclosure activity and rate

Florida reported 40,770 properties with foreclosure filings in January, maintaining the second highest state total in the nation. This latest total represents a 20 percent decline from the previous month, but is still 35 percent ahead of the level reported in January 2008. One in every 214 Florida housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

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

Florida accounted for 15 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Florida

 0

24,743

0

10,433

5,594

40,770

214

2.18

n/a

Miami MSA

0

6,221

0

3,317

1,862

11,400

212

2.20

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

1,635

0

1,787

981

4,403

182

2.56

1.17

Miami-Dade

0

3,290

0

1,272

691

5,253

185

2.52

1.16

Palm Beach

0

1,296

0

258

190

1,744

366

1.27

0.58

 

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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