Miami Metro Area Foreclosure Activity Climbs in February

Metro area filings increase 26 percent from January

 

Foreclosure activity in the Miami metro area rose in February to 19,033 properties with foreclosure filings, up 26 percent from the previous month and 65 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity surged again in the Miami metro area in February, remaining well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With many people fearing the worst is still yet to come, the region’s unemployment rate is now nearing 12 percent — far above the national average, as is the case with many of the country’s more over-built regions.”

 

The Miami metro area had the highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 127 Miami metro area housing units received a foreclosure filing in February, ranking 11th among the same 203 metro areas in terms of foreclosure rate.

 

Broward County posts metro area’s top foreclosure rate and total for February

With one in every 102 housing units receiving a foreclosure filing — 4.1 times the national average and 1.6 times the state average — Broward County posted the metro area’s highest county foreclosure rate in February. Broward County also had the metro area’s top foreclosure total, reporting 7,872 properties with foreclosure filings for the month.

 

With one in every 143 housing units receiving a foreclosure filing — 2.9 times the national average and 1.1 times the state average – Palm Beach County had the second foreclosure rate. Miami-Dade County came in third, with one in every 147 housing units receiving a foreclosure filing — 2.9 times the national average and 1.1 times the state average.

 

Miami-Dade County had the second highest total, documenting 6,671 properties with foreclosure filings in February. Reporting 4,490 properties with foreclosure filings for the month, Palm Beach County ranked third highest.

 

State ranks second nationally in total foreclosure filings for February

Florida reported 54,032 properties with foreclosure filings for the month, giving it the second highest state total in the nation. This latest total represents a 15 percent increase from the previous month and is 16 percent above of the level reported in February 2009. One in every 163 Florida housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State a major contributor to nation’s month foreclosure total

Florida accounted for 18 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Florida

0

31,225

0

15,815

6,992

54,032

163

2.57

n/a

Miami Metro Area

0

12,337

0

4,495

2,201

19,033

127

3.28

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

4,407

0

2,142

1,323

7,872

102

4.09

1.59

Palm Beach

0

3,336

0

770

384

4,490

143

2.93

1.14

Miami-Dade

0

4,594

0

1,583

494

6,671

147

2.85

1.11

 

 

Miami metro area Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Florida

0

31,225

0

15,815

6,992

54,032

163

14.79

16.47

Miami Metro Area

0

12,337

0

4,495

2,201

19,033

127

26.32

64.67

 

 

 

 

 

 

 

 

 

 

Broward

0

4,407

0

2,142

1,323

7,872

102

2.54

48.03

Miami-Dade

0

4,594

0

1,583

494

6,671

147

44.14

86.60

Palm Beach

0

3,336

0

770

384

4,490

143

62.56

68.48

 

 

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