Florida Foreclosure Activity Level Decreases in April

Statewide filings down from last month; rate ranks 7th in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 19,649 Florida properties in April, down fractionally from March and 59 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 451 Florida housing units received a foreclosure filing in April, the nation’s seventh highest foreclosure rate. During the month, the state’s high unemployment rate hovered above 11 percent, notably higher than the 9 percent national average.

 

Since January 2007, California has lad the nation in total monthly foreclosure activity and April is no exception, reporting 55,869 properties with foreclosure filings. Florida remained second highest, followed by third place Arizona, tallying 13,419 properties with foreclosure filings. Michigan stayed in fourth place, reporting 12,996 properties with foreclosure filings. Nevada moved up one notch to fifth highest foreclosure total reporting 11,761 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Hendry and Lee counties top in foreclosure rate for April

One in every 197 housing units in Hendry and Lee counties received a foreclosure filing in April — three times the national average and 2.3 times the state average –the highest foreclosure rate of all Florida counties. Third highest rate was reported in Osceola County, where one in every 274 housing units received a foreclosure filing during the month — 2.2 times the national average and 1.7 times the state average. Orange County came in fourth, with one in every 337 housing units receiving a foreclosure filing during the month — 1.8 times the national average and 1.3 times the state average.

 

Miami-Dade County led the state in foreclosure activity during April

Miami-Dade County led the state in total foreclosure activity, reporting 2,715 properties with foreclosure filings for the month. Broward County was second highest, reporting 2,069 properties with foreclosure filings. Third highest in the state was Lee County, where 1,852 properties with foreclosure filings were reported. Palm Beach County was fourth highest, tallying 1,740 properties with foreclosure filings. Fifth highest was Orange County, where 1,379 properties with foreclosure filings were reported for the month.

 

State the second largest contributor to nation’s foreclosure crisis in April

Florida accounted for 9 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Florida

0

8,958

0

6,346

4,345

19,649

451

1.32

n/a

 

 

 

 

 

 

 

 

 

 

Hendry

0

36

0

33

0

69

197

3.01

2.29

Lee

0

472

0

1,007

373

1,852

197

3.00

2.28

Osceola

0

209

0

166

72

447

274

2.16

1.65

Orange

0

770

0

402

207

1,379

337

1.76

1.34

Gilchrist

0

15

0

3

1

19

349

1.70

1.29

 

 

Florida Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Florida

0

8,958

0

6,346

4,345

19,649

451

-0.31

-59.39

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,269

0

998

448

2,715

361

-1.24

-53.74

Broward

0

865

0

407

797

2,069

390

-5.91

-71.00

Lee

0

472

0

1,007

373

1,852

197

-19.41

-46.77

Palm Beach

0

737

0

278

725

1,740

369

45.48

-42.71

Orange

0

770

0

402

207

1,379

337

7.23

-60.62

 

 

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