Florida Foreclosure Activity Down in 2011

Filings down 63 percent from 2010, down 65 percent from 2009
  State’s foreclosure rate 7th highest in the nation

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 181,965 Florida properties in 2011, down 63 percent from a year ago and 65 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the seventh highest foreclosure rate in the nation, with one in every 49 Florida housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 24,576 Florida properties in December, a 1 percent decrease from November and down 4 percent from December 2010. One in every 360 Florida housing units received a foreclosure filing in December, the fifth highest state foreclosure rate in the nation.

California continued to lead the country in foreclosure totals for 2011, reporting 428,045 properties with foreclosure filings. Florida was second, reporting 181,965 properties with foreclosure filings during 2011. Third highest total for the year was tallied in Arizona, where 113,967 properties with foreclosure filings were reported. Georgia had the fourth highest total, reporting 110,273 properties with foreclosure filings. Reporting 103,003 properties with foreclosure filings for the year, Illinois ranked fifth highest.

The rest of the nation’s top 10 state foreclosure totals for 2011 included Michigan (100,248), Texas (89,675), Ohio (79,422), Nevada (72,844) and Colorado (38,557). The top five states accounted for 50 percent of the nation’s total 2011 foreclosure activity.

Lee County has top foreclosure rate honors in 2011
 One in every 30 housing units in Lee County received a foreclosure filing during 2011 — 2.3 times the national average and 1.6 times the state average. Charlotte County had the second highest rate with one in every 34 housing units reporting a foreclosure filing — twice the national average and 1.4 times the state average. Miami-Dade County had the third highest rate, reporting one in every 35 housing units with a foreclosure filing — twice the national average and 1.4 times the state average.

Miami-Dade County leads the state in foreclosure activity for 2011
 Miami-Dade County led the way, reporting 28,380 properties with foreclosure filings during 2011. Broward County was second highest in the state, reporting 20,511 properties with foreclosure filings. Third highest total was tallied in Palm Beach County, where 18,269 properties with foreclosure filings were reported. Reporting 12,014 properties with foreclosure filings for the year, Lee County registered the fourth highest total in the state. Fifth highest was Orange County, where 11,482 properties with foreclosure filings were reported for 2011.

State the second largest contributor to nation’s foreclosure total in 2011
 Florida accounted for 10 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

             Florida Top Foreclosure Rates By County –2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Florida

181,965

2.06

49

1.42

n/a

 

 

 

 

 

 

Lee

12,014

3.29

30

2.27

1.61

Charlotte

2,969

2.92

34

2.02

1.43

Miami-Dade

28,380

2.90

35

2.00

1.42

Palm Beach

18,269

2.85

35

1.96

1.39

Flagler

1,303

2.64

38

1.82

1.29

             Florida Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Florida

181,965

2.06

49

-62.50

-64.78

 

 

 

 

 

 

Miami-Dade

28,380

2.90

35

-56.81

-60.80

Broward

20,511

2.54

39

-67.21

-70.54

Palm Beach

18,269

2.85

35

-57.94

-40.82

Lee

12,014

3.29

30

-60.82

-71.89

Orange

11,482

2.47

40

-65.84

-71.26

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