Florida Foreclosure Activity Rises in August

Filings increase 10 percent from July; foreclosure rate No. 2 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,877 Florida properties in August, a 10 percent increase from the previous month but a 9 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 155 Florida housing units received a foreclosure filing during the month, the second highest state foreclosure rate in the nation once again.

 

“Florida saw another increase in foreclosure filings in August, though activity remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Closely tied to the state’s foreclosure issues is its job market. While unemployment within the state remains high at 11.7 percent, job growth is up 0.4 percent from this time last year.”

 

California continued as the state with the nation’s highest level of foreclosure activity, reporting 69,143 properties with foreclosure filings in August. Michigan took over the spot as state with the third highest foreclosure level, tallying 17,764 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Charlotte County leads the state in foreclosure rate for August

Charlotte County, where one in every 97 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Florida. One in every 104 housing units received a foreclosure filing in Lee County, for the second highest rate in the state. Coming in third was Palm Beach County, where one in every 106 housing units received a foreclosure filing in August. Fourth highest was Broward County, where one in every 109 housing units received a foreclosure filing. Miami-Dade County came in fifth, with one in every 115 housing units receiving a foreclosure filing during the month.

 

Miami-Dade County posts top foreclosure total for August

Miami-Dade County led Florida in total foreclosure activity for August, reporting 8,499 properties with foreclosure filings. Broward County documented the second highest foreclosure activity, where 7,393 properties with foreclosure filings were reported. Palm Beach County came in third, tallying 6,035 properties with foreclosure filings. Fourth highest was Lee County, where 3,511 properties with foreclosure filings were reported. Orange County came in fifth, reporting 3,310 properties with foreclosure filings for the month.

 

State the second largest contributor to nation’s monthly foreclosure total

Florida accounted for 17 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Florida

0

21,295

0

23,253

12,329

56,877

155

2.46

n/a

 

 

 

 

 

 

 

 

 

 

Charlotte

0

281

0

536

226

1,043

97

3.92

1.59

Lee

0

755

0

1,878

878

3,511

104

3.66

1.49

Palm Beach

0

961

0

4,565

509

6,035

106

3.59

1.46

Broward

0

3,054

0

2,575

1,764

7,393

109

3.49

1.42

Miami-Dade

0

3,550

0

2,805

2,144

8,499

115

3.31

1.34

 

 

Florida Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Florida

0

21,295

0

23,253

12,329

56,877

155

10.32

-8.85

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

3,550

0

2,805

2,144

8,499

115

19.59

-4.48

Broward

0

3,054

0

2,575

1,764

7,393

109

14.25

-27.27

Palm Beach

0

961

0

4,565

509

6,035

106

60.55

45.42

Lee

0

755

0

1,878

878

3,511

104

-11.29

-14.64

Orange

0

1,234

0

1,095

981

3,310

139

-8.77

-39.66

 

 

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