Florida Foreclosure Activity Decreases in January

Statewide filings down 15 percent for month; rate 9th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 21,671 Florida properties in January, a 15 percent decrease from December. On a year-over-year basis the state’s foreclosure total is nearly 54 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 409 Florida housing units received a foreclosure filing in January, the ninth highest state foreclosure rate in the nation for the month.

 

January was the 49th consecutive month that California maintained its status as the nation’s foreclosure leader. Remaining in sole possession of the nation’s number two spot for that same time period was Florida followed by Michigan as a distant third, reporting 15,716 properties with foreclosure filings. Fourth highest total was in Arizona, where 15,757 properties with foreclosure filings were reported. Fifth highest foreclosure total was reported in Texas, where 14,897 properties with foreclosure filings were tallied.

 

The rest of January’s top 10 foreclosure states included Illinois (13,164), Georgia (12,772), Nevada (12,263), Ohio (8,924) and New Jersey (5,526). The nation’s top five states accounted for 52 percent of all foreclosure activity for the month.

 

Charlotte County posts state’s top foreclosure rate in January

With one in every 138 housing units receiving a foreclosure filing in January — 3.6 times the national average and three times the state average — Charlotte County posted the highest foreclosure rate of all Florida counties. Hernando County reported the second highest foreclosure rate, with one in every 265 housing units receiving a foreclosure filing during the month — 1.9 times the national average and 1.5 times the state average. One in every 269 housing units in Saint John’s County received a foreclosure filing during the month, the third highest foreclosure rate in the state — 1.9 times the national average and 1.5 times the state average.

 

Broward County dominates state foreclosure activity in January

Broward County started off 2011 reporting 2,486 properties with foreclosure filings in January, the highest total in the state for the month. Miami-Dade County tallied the second highest total in the state, reporting 2,448 properties with foreclosure filings. Third highest was Palm Beach County, where 2,076 properties with foreclosure filings were reported. Hillsborough County came in fourth, reporting 1,671 properties with foreclosure filings, followed by Orange County, where 1,327 properties with foreclosure filings were reported for the month.

 

State a major contributor to the nation’s foreclosure total in January

Florida accounted for 8 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Florida

0

8,882

0

5,231

7,558

21,671

409

1.22

n/a

 

 

 

 

 

 

 

 

 

 

Charlotte

0

56

0

59

622

737

138

3.61

2.97

Hernando

0

86

0

78

143

307

265

1.88

1.54

Saint Johns

0

122

0

129

70

321

269

1.85

1.52

Manatee

0

150

0

316

171

637

270

1.84

1.52

Marion

0

215

0

127

200

542

301

1.65

1.36

 

 

Florida Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Florida

0

8,882

0

5,231

7,558

21,671

409

-15.48

-53.96

 

 

 

 

 

 

 

 

 

 

Broward

0

1,143

0

423

920

2,486

325

19.35

-67.62

Miami-Dade

0

1,226

0

660

562

2,448

400

-20.60

-47.10

Palm Beach

0

527

0

650

899

2,076

309

-31.35

-24.84

Hillsborough

0

613

0

532

526

1,671

316

17.26

-42.72

Orange

0

547

0

277

503

1,327

350

-21.71

-60.65

 

 

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