FORECLOSURE ACTIVITY UP 1 PERCENT IN MIAMI METRO

Foreclosure Filings Up 5 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Foreclosure filings were reported on 11,558 properties in the Miami-Fort Lauderdale metro area in February, up 1 percent from the previous month a 5 percent increase from February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

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 in the Miami metro area rose slightly in February and slightly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment continues to be a major drag on the state’s economy as does the large inventory of foreclosure properties that needs to be sold off before the tide will turn.”

 

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. One in every 209 Miami metro housing units received a foreclosure filing during the month, ranking the 25th highest foreclosure rate among the 203 metro areas tracked each month by RealtyTrac.

 

With one in every 151 housing units receiving a foreclosure filing during February — 1.2 times the state average and 2.9 times the national average — Broward County had the highest foreclosure rate in the metro area.  Palm Beach County registered the second highest county foreclosure rate, reporting one in every 240 housing units receiving a foreclosure filing — 1.8 times the national average. Miami-Dade County registered the third highest rate among metro counties, reporting one in every 272 housing units receiving a foreclosure filing — 1.6 times the national average.

 

State second highest foreclosure activity level in the nation for February

Florida reported 46,391 properties with foreclosure filings in February, maintaining the second highest state total in the nation. This latest total represents a 14 percent increase from the previous month and is 43 percent ahead of the level reported in February 2008. One in every 188 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 February

Florida accounted for 16 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented an increase of 6 percent from the previous month and was nearly 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Florida

0

27,492

4

12,923

5,972

46,391

188

2.34

n/a

Miami MSA

0

6,222

1

3,402

1,933

11,558

209

2.11

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

2,313

0

1,901

1,104

5,318

151

2.91

1.24

Miami-Dade

0

1,750

1

1,287

537

3,575

272

1.62

0.69

Palm Beach

0

2,159

0

214

292

2,665

240

1.84

0.78

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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