Miami Metro Area Foreclosure Activity Up 44 Percent in 2009

Metrowide filings down 5 percent from November

 

The Miami metro area ended 2009 tallying 172,894 properties with foreclosure filings, a 44 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For December, the metro area reported 16,925 properties with foreclosure filings, a 5 percent decrease from the previous month, but still up 42 percent from December 2008. The metro area’s foreclosure rate — one in every 143 housing units received a foreclosure filing — was 16th highest among the 203 metro areas tracked in the RealtyTrac report.

 

“Foreclosure activity slowed down slightly in the Miami Metro Area in December, although not nearly enough to save the region from tallying more filings for the year than it did in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The unemployment rate for the area remains below that of the state of Florida, but climbed nearly a full point to 11.3 percent, sparking concern among residents.”

 

With one in every 14 housing units receiving a foreclosure filing during 2009, Miami Metro Area’s foreclosure rate ranked 10th highest for the year among the 203 metro areas tracked in the RealtyTrac report.

 

Broward County posted metro area’s highest foreclosure rate for 2009

With one in every 12 housing units receiving a foreclosure filing in 2009, Broward County posted the highest county foreclosure rate in the metro area for the year. Miami-Dade County followed in second, reporting one in every 13 housing units receiving a foreclosure filing. Palm Beach County came in third highest, reporting one in every 21 housing units receiving a foreclosure filing during the year.

 

Miami-Dade County led metro area in foreclosure activity in 2009

Miami-Dade County led all counties for highest foreclosure activity in the state, reporting 72,391 properties with foreclosure filings for the year. Broward County came in second, documenting 69,633 properties with foreclosure filings. Reporting 30,870 properties with foreclosure filings for the year, Palm Beach County had the third highest total in the metro area.

 

State ranks second nationally in foreclosure filings

Florida reported 516,711 properties with foreclosure filings for 2009, giving it the second highest state foreclosure total in the nation. This latest total represents a 34 percent increase from 2008. One in every 17 Florida housing units received a foreclosure filing during the 2009, the third highest state foreclosure rate in the nation.

 

State a major contributor to nation’s foreclosure total in 2009

Florida accounted for 18 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

%Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Miami Metro Area

172,894

7.16

14

43.50

n/a

Florida

516,711

5.93

17

34.10

212.61

 

 

 

 

 

 

Broward

69,633

8.67

12

46.95

234.69

Miami-Dade

72,391

7.45

13

45.66

186.64

Palm Beach

30,870

4.83

21

31.93

159.32

 

 

Miami Metro Area Top Foreclosure Totals by County:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

%Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Miami Metro Area

172,894

7.16

14

43.50

n/a

Florida

516,711

5.93

17

34.10

212.61

 

 

 

 

 

 

Miami-Dade

72,391

7.45

13

45.66

186.64

Broward

69,633

8.67

12

46.95

234.69

Palm Beach

30,870

4.83

21

31.93

159.32

 

 

Miami Metro Area Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Miami Metro Area

0

9,541

0

4,403

2,981

16,925

143

n/a

n/a

Florida

0

31,438

1

15,759

8,113

55,311

158

2.32

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

2,443

0

2,978

1,376

6,797

118

3.10

1.33

Miami-Dade

0

5,184

0

948

1,344

7,476

130

2.82

1.21

Palm Beach

0

1,914

0

477

261

2,652

241

1.52

0.65

 

 

Miami Metro Area Top Foreclosure Totals by County – December 2009

                       

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Miami Metro Area

0

9,541

0

4,403

2,981

16,925

143

-4.52

41.81

Florida

0

31,438

1

15,759

8,113

55,311

158

4.49

8.86

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

5,184

0

948

1,344

7,476

130

2.33

13.62

Broward

0

2,443

0

2,978

1,376

6,797

118

-4.25

143.79

Palm Beach

0

1,914

0

477

261

2,652

241

-20.14

3.31

 

 

 

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