Florida Foreclosure Activity Drops in November

Statewide  filings down 25 percent from October; Rate seventh highest

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 24,739 Florida properties in November, a 25 percent decrease from October and 25 percent below the level reported for November 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Florida had the seventh highest foreclosure rate in the nation, reporting one in every 358 Florida housing units with a foreclosure filing in November — 1.6 times the national average.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 63,689 properties with foreclosure filings. Florida remained in second place followed by third place Michigan, where 13,777 properties with  foreclosure filings were reported. Illinois had the fourth highest total, reporting 12,398 properties with foreclosure filings while Georgia took fifth place, tallying 12,327 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in November include Arizona (10,766), Ohio (10,184),  Texas (10,124), Nevada (6,512) and Wisconsin (4,382). The top 10 accounted for 75  percent of the nation’s total foreclosure activity for the month.

Osceola County posts top foreclosure rate in the  state for November
One in every 227 housing units in Osceola County had a foreclosure filing in November — 2.6 times the national average and 1.6 times the state average — the highest foreclosure rate of all Florida counties for the month. Miami-Dade County had the second highest  rate of one in every 242 housing units with a foreclosure filing during the month — 2.4 times the national average and 1.5 times the state average. Clay County had the third highest rate of one in every 250 housing units with a  foreclosure filing during the month — 2.3 times the national average and 1.4 times the state average.

Miami-Dade County has highest foreclosure total in November
Miami-Dade County tallied  the highest level of foreclosure activity in the state, reporting 4,044 properties  with foreclosure filings for the month. Broward County was second highest, reporting  3,196 properties with foreclosure filings. Palm Beach County was third,  reporting 1,917 properties with foreclosure filings. Fourth highest was Hillsborough County, recording 1,410 properties with foreclosure filings. Orange County was  fifth highest, tallying 1,387 properties with foreclosure filings for the  month.

State the nation’s second largest contributor to total  foreclosure activity in November
Florida accounted for 11 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of  incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of  RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted  year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

 Florida Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

Florida

0

11,680

0

5,925

7,134

24,739

358

1.62

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

322

0

78

140

540

227

2.56

1.58

Miami-Dade

0

2,254

0

970

820

4,044

242

2.39

1.48

Clay

0

153

0

65

75

293

250

2.32

1.43

Broward

0

994

0

1,037

1,165

3,196

253

2.29

1.42

Lee

0

554

0

381

391

1,326

276

2.10

1.30

Florida Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

Florida

0

11,680

0

5,925

7,134

24,739

358

-25.20

-24.89

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

2,254

0

970

820

4,044

242

-25.14

2.33

Broward

0

994

0

1,037

1,165

3,196

253

-14.20

-0.06

Palm Beach

0

583

0

778

556

1,917

335

-23.14

-37.21

Hillsborough

0

809

0

268

333

1,410

374

-16.96

-58.69

Orange

0

838

0

216

333

1,387

335

-44.89

-28.94

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