The Miami Metro Area Foreclosure Activity Fell in Second Quarter

Activity level down 10 percent from previous quarter

Filings decrease 8 percent mid-year; down 4 percent in June

 

The Miami Metro Area reported 47,089 properties with foreclosure filings for the second quarter of 2010, a 10 percent decline from the first quarter and 17 percent below the level reported in the second quarter of 2009.

 

Activity level in the Miami metro area fell during the first half of 2010 as well as for the month of June. For the first six months of the year, the metro area reported 94,466 properties with foreclosure filings, down 8 percent from the second half of 2009, but still nearly 11 percent  above the level reported mid-year 2009. In June the metro area tallied 16,723 properties with foreclosure filings, a decrease of 4 percent from the previous month, but still up 8 percent from June 2009.

 

“Foreclosure activity in the Miami metro area slowed down significantly during the second quarter and for the first half of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The metro area’s high level of unemployment is a key factor in this equation with joblessness remaining above 12 percent — much higher than the national average.”

 

The metro area had the second highest foreclosure total in the nation for the quarter among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 52 Miami metro area housing units received a foreclosure filing in the second quarter, ranking the 12th highest metro foreclosure rate.

 

Broward County posts metro area’s top foreclosure rate for the quarter

Broward County posted the highest county foreclosure rate in the metro area during the second quarter, as one in every 42 housing units received a foreclosure filing — 3.4 times the national average and 1.5 times the state average. With one in every 49 housing units receiving a foreclosure filing — three times the national average and 1.3 times the state average — Miami-Dade County had the second highest rate in the metro area. Palm Beach County was third highest with one in every 82 housing units receiving a foreclosure filing — 1.8 times the national average.

 

Miami-Dade County leads metro area in total foreclosures for the second quarter

Miami-Dade County led the metro area in total foreclosures, reporting 20,084 properties with foreclosure filings for the quarter. Broward County had the second highest total, reporting 19,195 properties with foreclosure filings. Reporting 7,810 properties with foreclosure filings for the quarter, Palm Beach County came in third.

 

State highly ranked nationally for total foreclosure filings for quarter

Florida reported 139,693 properties with foreclosure filings for the quarter, giving it the second highest state foreclosure total in the nation. However, this latest total represents a 9 percent decrease from the previous quarter and is 12 percent below the level reported in the second quarter 2009. One in every 63 Florida housing units received a foreclosure filing during the quarter, the third highest state foreclosure rate in the nation.

 

State a major contributor to nation’s quarterly total

Foreclosure activity in Florida represented 16 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Florida

1

64,375

0

42,450

32,867

139,693

63

2.29

n/a

Miami MSA

0

22,606

0

13,227

11,256

47,089

52

2.80

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

8,998

0

6,327

3,870

19,195

42

3.43

1.50

Miami-Dade

0

9,186

0

5,359

5,539

20,084

49

2.96

1.29

Palm Beach

0

4,422

0

1,541

1,847

7,810

82

1.76

0.77

 

 

Miami Metro Area Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Florida

1

64,375

0

42,450

32,867

139,693

63

-9.02

-11.61

Miami MSA

0

22,606

0

13,227

11,256

47,089

52

-9.83

-16.89

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

9,186

0

5,359

5,539

20,084

49

0.83

-10.21

Broward

0

8,998

0

6,327

3,870

19,195

42

-9.92

-24.10

Palm Beach

0

4,422

0

1,541

1,847

7,810

82

-28.99

-13.24

 

 

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