Miami Metro Area Foreclosure Activity Declines in January

 

Metro area filings down 11 percent from December

 

Foreclosure activity in the Miami metro area fell in January to 15,067 properties with foreclosure filings, down 11 percent from the previous month, but still 32 percent ahead of the level reported in January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity slowed in the Miami metro area in January, although it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “At around 13 percent, the area’s unemployment rate remains well above the national average, as is the case with many of the country’s over-built regions. Still, home sales have continued their upward movement for several months now, giving credence to the slowdown in foreclosure activity.”

 

The Miami metro area had the fourth 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 161 Miami Metro Area housing units received a foreclosure filing in January, ranking 14th among the same 203 metro areas.

 

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

With one in every 105 housing units receiving a foreclosure filing — 3.9 times the national average and 1.8 times the state average — Broward County posted the metro area’s highest county foreclosure rate in January. The county also led the metro area in total activity, reporting 7,677 properties with foreclosure filings for the month.

 

Miami-Dade County had the second highest rate, with one in every 212 housing units receiving a foreclosure filing — 1.9 times the national average. The county also had the second highest foreclosure total for the month, documenting 4,628 properties with foreclosure filings.

 

Palm Beach County posted the third highest foreclosure rate, with one in every 232 housing units receiving a foreclosure filing — 1.8 times the national average. Reporting 2,762 properties with foreclosure filings for the month, the county also had the third highest total.

 

State ranks second nationally in foreclosure filings for January

Florida reported 47,069 properties with foreclosure filings for the month, giving it the second highest state total in the nation for January. This latest total represents a 15 percent decrease from the previous month, but is still 15 percent ahead of the level reported in January 2009. One in every 187 Florida housing units received a foreclosure filing during the month, the fourth highest state foreclosure rate in the nation.

 

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

Florida accounted for 15 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Florida

0

28,887

0

12,013

6,169

47,069

187

2.19

n/a

Miami Metro Area

0

9,616

0

3,274

2,177

15,067

161

2.54

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

4,210

0

2,197

1,270

7,677

105

3.86

1.78

Miami-Dade

0

3,393

0

562

673

4,628

212

1.91

0.88

Palm Beach

0

2,013

0

515

234

2,762

232

1.75

0.81

 

 

Miami Metro Area Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Florida

0

28,887

0

12,013

6,169

47,069

187

-14.90

15.45

Miami Metro Area

0

9,616

0

3,274

2,177

15,067

161

-10.98

32.17

 

 

 

 

 

 

 

 

 

 

Broward

0

4,210

0

2,197

1,270

7,677

105

12.95

74.36

Miami-Dade

0

3,393

0

562

673

4,628

212

-38.10

-11.90

Palm Beach

0

2,013

0

515

234

2,762

232

4.15

58.37

 

 

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