Miami Metro Area Foreclosure Activity Rises in First Quarter

Metro area foreclosure filings increase from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Miami Metro Area rose 10 percent during the first quarter of 2010 and was up 71 percent from the same period last year. In all, the metro area reported 52,224 properties with foreclosure filings during the quarter.

 

In March the metro area reported 19,548 properties with foreclosure filings, a 3 percent increase from the previous month and 71 percent above the level reported in March 2009. One in every 124 Miami metro area housing units received a foreclosure filing during the month, the 13th highest metro area foreclosure rate among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

“Foreclosure activity continued to rise in the Miami Metro Area in the first quarter of 2010, with an elevated level of filings compared to last quarter and to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The metro’s unemployment rate was 11.5 percent in March — far above the national average and an indicator that foreclosure woes will likely continue some time to come.”

 

The Miami Metro Area had the second highest foreclosure total in the nation for the quarter among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 46 Miami metro area housing units received a foreclosure filing in the first quarter, ranking 11th among the same 203 metro areas.

 

Broward County tops metro area in foreclosure rate and total for the first quarter

Broward County had the highest county foreclosure rate in the metro area during the first quarter, with one in every 38 housing units receiving a foreclosure filing — 3.7 times the national average and 1.5 times the state average. Broward County also led the metro area in foreclosure activity, reporting 21,308 properties with foreclosure filings for the quarter.

 

With one in every 49 housing units receiving a foreclosure filing, Miami-Dade County had the second highest rate — 2.8 times the national average and 1.2 times the state average. Palm Beach County came in third, with one in every 58 housing units receiving a foreclosure filing — 2.4 times the national average and on par with the state average.

 

Miami-Dade County had the second highest total, reporting 19,918 properties with foreclosure filings. Palm Beach County was third, reporting 10,998 properties with foreclosure filings for the quarter.

 

State highly ranked nationally in total foreclosure filings for quarter

Florida reported 153,540 properties with foreclosure filings for the quarter, giving it the second highest state total in the nation. This latest total represents a 7 percent increase from the previous quarter and is 29 percent above of the level reported in the first quarter 2009. One in every 57 Florida housing units received a foreclosure filing during the quarter, the third highest state foreclosure rate in the nation.

 

State a major contributor to quarterly foreclosure total

Florida accounted for 16 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Florida

0

88,072

0

43,418

22,050

153,540

57

2.42

n/a

Miami Metro Area

0

31,455

0

13,619

7,150

52,224

46

2.98

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

10,602

0

6,546

4,160

21,308

38

3.66

1.52

Miami-Dade

0

13,329

0

4,688

1,901

19,918

49

2.82

1.17

Palm Beach

0

7,524

0

2,385

1,089

10,998

58

2.38

0.98

 

 

Miami Metro Area Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Florida

0

88,072

0

43,418

22,050

153,540

57

7.00

28.79

Miami Metro Area

0

31,455

0

13,619

7,150

52,224

46

10.36

71.36

 

 

 

 

 

 

 

 

 

 

Broward

0

10,602

0

6,546

4,160

21,308

38

12.12

66.56

Miami-Dade

0

13,329

0

4,688

1,901

19,918

49

0.83

60.37

Palm Beach

0

7,524

0

2,385

1,089

10,998

58

28.44

108.93

 

 

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