Florida Foreclosure Activity Decreases in May

Statewide filings down from last month and from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 19,192 Florida properties in May, a 2 percent decrease from April and 62 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Total foreclosure activity in Florida was second highest in the country. The Sunshine State posted the eighth highest foreclosure rate in the nation, with one in every 461 Florida housing units receiving a foreclosure filing in May.

 

California continued to lead the country in total foreclosure activity, reporting 51,906 properties with foreclosure filings for May. Florida remained a distant second while Michigan moved up a spot to third place, reporting 14,614 properties with foreclosure filings while Arizona moved down to fourth, reporting 13,122 properties with foreclosure filings. Nevada stayed steady in fifth, reporting 11,039 properties with foreclosure filings for the month.

 

The rest of the nation’s top 10 states for May included Illinois (10,574), Georgia (10,503), Texas (9,055), Ohio (8,379) and Wisconsin (4,660). The nation’s top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

 

Lee County posts state’s top foreclosure rate in May

One in every 208 housing units in Lee County received a foreclosure filing in May — 2.9 times the national average and 2.2 times the state average — the highest foreclosure rate of all Florida counties. Gulf County came in second highest, with a rate of one in every 211 housing units receiving a foreclosure filing during the month — 2.9 times the national average and 2.2 times the state average. Third highest was Citrus County, where one in every 275 housing units received a foreclosure filing during the month — 2.2 times the national average and 1.7 times the state average.

 

Miami-Dade County dominates state foreclosure totals in May

Miami-Dade County led the state, reporting 2,768 properties with foreclosure filings for the month. Palm Beach County was second, reporting 2,016 properties with foreclosure filings. Broward County was third highest, reporting 1,872 properties with foreclosure filings. Lee County came in fourth place, tallying 1,753 properties with foreclosure filings. Fifth highest was Orange County, where 1,400 properties with foreclosure filings were reported for the month.

 

State the nation’s second largest contributor to total foreclosure activity in May

Florida accounted for 9 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by 7 percent from April, and was down 28 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each 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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Florida

0

8,054

0

6,578

4,560

19,192

461

1.31

n/a

 

 

 

 

 

 

 

 

 

 

Lee

0

330

0

933

490

1,753

208

2.90

2.21

Gulf

0

5

0

4

33

42

211

2.87

2.19

Citrus

0

112

0

91

77

280

275

2.20

1.68

Palm Beach

0

484

0

399

1,133

2,016

318

1.90

1.45

Saint Lucie

0

173

0

183

61

417

319

1.90

1.45

 

 

Florida Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Florida

0

8,054

0

6,578

4,560

19,192

461

-2.33

-62.13

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,227

0

848

693

2,768

354

1.95

-64.03

Palm Beach

0

484

0

399

1,133

2,016

318

15.86

-32.28

Broward

0

965

0

730

177

1,872

431

-9.52

-72.14

Lee

0

330

0

933

490

1,753

208

-5.35

-50.98

Orange

1,281

0

1,469

0

452

1,400

332

1.52

-57.25

 

 

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