The Miami Metro Area Foreclosure Activity Rose in May

Metro area filings up 8 percent from April; down from a year earlier

 

Foreclosure activity in the Miami metro area rose 8 percent in May to 17,392 properties with foreclosure filings. However, this latest total represents a 24 percent decline from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in the Miami metro area heated up again in May, although it remained below the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding to this latest wave of foreclosure filings is Miami-Dade’s worsening unemployment rate, which climbed nearly a full point in May to 12.3 percent, even as Florida’s overall job market improved.”

 

The metro area had the second 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 139 Miami Metro Area housing units received a foreclosure filing in May, ranking eleventh among the same 203 metro areas.

 

Broward County led the metro area in foreclosure rate for May

Broward County posted the highest foreclosure rate of all counties in the Miami metroplex, with one in every 120 housing units receiving a foreclosure filing — 3.3 times the national average and 1.5 times the state average. Miami-Dade County came in second, with one in every 127 housing units receiving a foreclosure filing — 3.1 times the national average and 1.4 times the state average. With one in every 215 housing units receiving a foreclosure filing — 1.9 times the national average — Palm Beach County had the third highest foreclosure rate in the metro area.

 

Miami-Dade County tops in foreclosure total for May

Miami-Dade County led the metro area, reporting 7,696 properties with foreclosure filings for the month. Broward County was second, documenting 6,719 properties with foreclosure filings. Reporting 2,977 properties with foreclosure filings for the month, Palm Beach County held the third highest total.

 

State ranked second nationally in foreclosure filings

Florida reported 50,685 properties with foreclosure filings for the month, giving it the second highest state total in the nation. This latest total represents a 5 percent increase from the previous month, but is still 14 percent below the level reported in May 2009. One in every 174 Florida housing units received a foreclosure filing during the month, the third highest state foreclosure rate in the nation.

 

State a major contributor to nation’s monthly foreclosure total in May

Florida accounted for 16 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Florida

0

22,314

0

17,430

10,941

50,685

174

2.30

n/a

Miami Metro Area

0

8,308

0

5,575

3,509

17,392

139

2.87

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

3,089

0

2,435

1195

6,719

120

3.34

1.45

Miami-Dade

0

3,591

0

2,615

1490

7,696

127

3.14

1.36

Palm Beach

0

1,628

0

525

824

2,977

215

1.86

0.81

 

 

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

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Florida

0

22,314

0

17,430

10,941

50,685

174

4.76

-13.99

Miami Metro Area

0

8,308

0

5,575

3,509

17,392

139

8.43

-23.99

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

3,591

0

2,615

1,490

7,696

127

31.13

-0.99

Broward

0

3,089

0

2,435

1,195

6,719

120

-5.82

-40.67

Palm Beach

0

1,628

0

525

824

2,977

215

-1.98

-21.29

 

 

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