Florida Foreclosure Activity Declines in October

Foreclosure filings down 4 percent from September; rate still 2nd highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,858 Florida properties in October, a 4 percent decrease from the previous month, but still up 10 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 155 Florida housing units received a foreclosure filing in October, maintaining the state’s status as the second highest foreclosure rate in the nation.

 

“Florida foreclosure activity fell slightly in October, though it remained well above the level reported for this time last year, leaving the state among the worst-affected in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment at 12 percent, far above the national average, the state’s foreclosure woes are likely to continue into 2011.”

 

California remained in first place, reporting 66,475 properties with foreclosure filings in October. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Palm Beach County posts state’s top foreclosure rate for October

Palm Beach County posted the highest county foreclosure rate in Florida for the month, with one in every 94 housing units receiving a foreclosure filing during October — 4.2 times the national average. Lee County registered the second highest foreclosure rate, with one in every 96 housing units receiving a foreclosure filing during the month — 4.1 times the national average. Osceola County was third highest, with one in every 105 housing units receiving a foreclosure filing — 3.7 times the national average.

 

Broward County led the state in foreclosure activity in October

Broward County had the top foreclosure total, reporting 7,324 properties with foreclosure filings for the month. Palm Beach County tallied the second highest foreclosure level, reporting 6,851 properties with foreclosure filings. Third highest total was in Miami-Dade County, where 5,786 properties with foreclosure filings were reported. Fourth highest was Hillsborough County, where 4,485 properties with foreclosure filings were reported. Orange County had the fifth highest total, reporting 4,257 properties with foreclosure filings.

 

State remains the second largest contributor to nation’s monthly foreclosure total

Florida accounted for 17 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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.

 

Florida Top Foreclosure Rates By County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Florida

0

22,556

0

20,868

13,434

56,858

155

2.51

n/a

 

 

 

 

 

 

 

 

 

 

Palm Beach

0

1,958

0

3,236

1,657

6,851

94

4.15

1.65

Lee

0

931

0

1,675

1,195

3,801

96

4.05

1.61

Osceola

0

400

0

590

160

1,150

105

3.69

1.47

Orange

0

1,310

0

1,961

986

4,257

108

3.59

1.43

Broward

0

2,891

0

2,883

1,550

7,324

110

3.53

1.41

 

 

Florida Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Florida

0

22,556

0

20,868

13,434

56,858

155

-4.46

9.53

 

 

 

 

 

 

 

 

 

 

Broward

0

2,891

0

2,883

1,550

7,324

110

4.64

7.75

Palm Beach

0

1,958

0

3,236

1,657

6,851

94

-23.39

104.51

Miami-Dade

0

3,218

0

828

1,740

5,786

169

-12.57

-25.26

Hillsborough

0

1,549

0

2,247

689

4,485

116

39.29

47.10

Orange

0

1,310

0

1,961

986

4,257

108

-1.64

-6.54

 

 

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