Florida Foreclosure Activity Rises in February

Statewide filings up 6 percent from January; Rate fifth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 26,337 Florida properties in February, a 6 percent increase from January and 40 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Florida had the fifth highest foreclosure rate, reporting one in every 341 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Florida ranked second followed by third place Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings while Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona (9,131), Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Flagler County posts top foreclosure rate in the state for February
 One in every 156 housing units in Flagler County had a foreclosure filing in February — 4.1 times the national average and 2.2 times the state average — the highest foreclosure rate of all Florida counties for the month. Hernando County had the second highest rate of one in every 178 housing units with a foreclosure filing during the month — 3.6 times the national average and 1.9 times the state average. Saint Johns County had the third highest rate of one in every 221 housing units with a foreclosure filing during the month — 2.9 times the national average and 1.5 times the state average.

Miami-Dade County has top foreclosure total in February
 Miami-Dade County had the highest foreclosure total, reporting 4,120 properties with foreclosure filings for the month. Broward County was second highest, reporting 3,563 properties with foreclosure filings. Hillsborough County was third, reporting 2,003 properties with foreclosure filings. Fourth highest was Palm Beach County, recording 1,650 properties with foreclosure filings. Orange County was fifth, tallying 1,582 properties with foreclosure filings for the month.

State the nation’s second largest contributor to total foreclosure activity in February
 Florida accounted for 13 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”


Florida Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Florida

0

11,511

0

5,803

9,023

26,337

341

1.86

n/a

 

 

 

 

 

 

 

 

 

 

Flagler

0

132

0

24

156

312

156

4.09

2.19

Hernando

0

281

0

93

101

475

178

3.58

1.92

Saint Johns

0

232

0

60

114

406

221

2.88

1.54

Broward

0

1,213

0

1,359

991

3,563

227

2.80

1.50

Miami-Dade

0

1,550

0

915

1,655

4,120

240

2.65

1.42

 Florida Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Florida

0

11,511

0

5,803

9,023

26,337

341

6.27

40.39

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,550

0

915

1,655

4,120

240

10.25

82.71

Broward

0

1,213

0

1,359

991

3,563

227

28.54

52.66

Hillsborough

0

760

0

516

727

2,003

268

70.90

126.58

Palm Beach

0

500

0

201

949

1,650

403

-16.75

8.48

Orange

0

778

0

327

476

1,581

309

-19.01

49.01

 

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