Miami Metro Area Foreclosure Activity Rises in July

Foreclosure filings up 4 percent from June

 

Foreclosure activity in the Miami Metro Area increased 4 percent in July to 17,337 properties with foreclosure filings, but was still 6 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Miami metro area reported another hike in foreclosure filings in July, although activity remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the metro area remains grossly elevated compared to much of the nation, which is a major factor contributing to the region’s current rank as the second worst affected among the country’s largest, most densely-populated metro areas.”

 

The Miami Metro Area had the second highest foreclosure total in the nation for the month among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 140 Miami metro area housing units received a foreclosure filing in July, ranking 11th among the same 206 metro areas.

 

Broward County posts metro area’s top foreclosure rate in July

One in every 125 housing units in Broward County received a foreclosure filing in July, giving the county the top foreclosure rate in the metro area for the month. Miami-Dade County posted the second highest rate, with one in every 138 housing units receiving a foreclosure filing during the month. Coming in third was Palm Beach County, where one in every 170 housing units received a foreclosure filing in July.

 

Miami-Dade County leads metro area in total foreclosures for July

Reporting 7,107 properties with foreclosure filings in July, Miami-Dade County led the metro area in total foreclosure activity. Second highest total was in Broward County, reporting 6,471 properties with foreclosure filings. Palm Beach County came in third highest, tallying 3,759 properties with foreclosure filings.

 

State ranked second nationally in foreclosure filings

Florida reported 51,557 properties with foreclosure filings in July, giving it the second highest state total in the nation. This latest total represents a slight increase from the previous month, but is 9 percent below the level reported in July 2009. One in every 171 Florida housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State a significant contributor to nation’s monthly foreclosure total

Florida accounted for 16 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month, but was down almost 10 percent from the level reported in July 2009. One in every 397 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.

 

 

The Miami Metro Area Top Foreclosure Rates by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Florida

0

20,914

0

19,842

10,801

51,557

171

2.32

n/a

Miami MSA

0

6,899

0

6,630

3,808

17,337

140

2.84

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

2,351

0

2,516

1,604

6,471

125

3.19

1.37

Miami-Dade

0

3,100

0

2,362

1,645

7,107

138

2.88

1.24

Palm Beach

0

1,448

0

1,752

559

3,759

170

2.33

1.00

 

 

The Miami Metro Area Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Florida

0

20,914

0

19,842

10,801

51,557

171

0.01

-8.73

Miami MSA

0

6,899

0

6,630

3,808

17,337

140

3.67

-5.53

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

3,100

0

2,362

1,645

7,107

138

-15.64

-1.15

Broward

0

2,351

0

2,516

1,604

6,471

125

4.76

-23.96

Palm Beach

0

1,448

0

1,752

559

3,759

170

77.23

41.74

 

 

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