Florida Foreclosure Activity Drops in February

Statewide filings down 13 percent; rate remains nation’s 8th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 18,760 Florida properties in February, a 13 percent drop in foreclosure activity from January and 65 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down particularly in the number of bank repossessed properties (REOs) which were down 37 percent from the previous month, followed by a 2 percent decline in default notices. Auction notices, on the other hand, were up 2 percent in February.

 

Unemployment was down considerably in February as the state registered a 11.5 percent jobless rate for the month. One in every 472 Florida housing units received a foreclosure filing in February, the nation’s eighth highest foreclosure rate for the month.

 

California led the nation in total foreclosure activity, reporting 56,229 properties with a foreclosure filing. Arizona moved up a spot to third place, reporting 15,485 properties with foreclosure filings for the month. Michigan dropped a notch to fourth highest, tallying 14,003 properties with foreclosure filings. Fifth highest foreclosure total was reported in Georgia, where 12,807 properties with foreclosure filings were reported for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February included Texas (11,562), Illinois (9,592), Nevada (9,553), Ohio (8,598) and Wisconsin (4,478). The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month.

 

Flagler County posts state’s top foreclosure rate in February

With one in every 232 housing units receiving a foreclosure filing in February — 2.5 times the national average and twice the state average — Flagler County posted the highest foreclosure rate of all Florida counties. Lee County had the second highest rate, with one in every 288 housing units receiving a foreclosure filing during the month — twice the national average and 1.6 times the state average. One in every 326 housing units in Osceola County received a foreclosure filing, the third highest foreclosure rate in the state — 1.8 times the national average and 1.5 times the state average.

 

Broward County records highest state foreclosure total in February

Reporting 2,334 properties with foreclosure filings, Broward County led all counties in the state for February. Miami-Dade County reported 2,255 properties with foreclosure filings, the second highest foreclosure total in the state. Palm Beach County came in third, reporting 1,521 properties with foreclosure filings. Lee County was fourth, tallying 1,268 properties with foreclosure filings. Fifth highest was Orange County, where 1,061 properties with foreclosure filings were reported for the month.

 

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

Eight percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Florida, second highest total only to California. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Florida

0

8,667

0

5,347

4,746

18,760

472

1.22

n/a

 

 

 

 

 

 

 

 

 

 

Flagler

0

75

0

36

102

213

232

2.49

2.04

Lee

0

314

0

469

485

1,268

288

2.00

1.64

Osceola

0

196

0

67

112

375

326

1.77

1.45

Hernando

0

107

0

99

36

242

336

1.72

1.40

Broward

0

832

0

770

732

2,334

346

1.67

1.36

 


 

Florida Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Florida

0

8,667

0

5,347

4,746

18,760

472

-13.43

-65.28

 

 

 

 

 

 

 

 

 

 

Broward

0

832

0

770

732

2,334

346

-6.11

-70.35

Miami-Dade

0

1,219

0

674

362

2,255

435

-7.88

-66.20

Palm Beach

0

694

0

292

535

1,521

422

-26.73

-66.12

Lee

0

314

0

469

485

1,268

288

48.48

-68.00

Orange

0

529

0

221

311

1,061

438

-20.05

-69.80

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved