Florida Foreclosure Activity Up in Third Quarter

Total foreclosure filings increase 12 percent statewide from the second quarter

Default notices down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 157,026 Florida properties during the third quarter, a 12 percent increase from the previous quarter and up almost one percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 56 Florida housing units received a foreclosure filing during the quarter, the third highest state foreclosure rate in the nation.

 

For September, Florida reported 59,514 properties with foreclosure filings, an almost 5 percent increase from the previous month and 8 percent above the level reported for the same month last year. One in every 148 Florida housing units received a foreclosure filing in September, more than twice the national average and ranking the second highest foreclosure rate among the 50 states.

 

Florida foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 40 percent for the month. The state’s unemployment rate remained around 2 percent above the national average during the quarter. Its home values and home sales were also lower than most states earlier this year. These factors are definitely keeping foreclosures here on the rise.”

 

California continued to lead the nation in total foreclosures with 191,016 properties with foreclosure filings for the quarter. The second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

Osceola County led state with top foreclosure rate in third quarter

Osceola County posted the highest foreclosure rate in Florida during the third quarter of 2010, where one in every 33 housing units received a foreclosure filing — 4.2 times the national average. Palm Beach County posted the second highest foreclosure rate, where one in every 35 housing units received a foreclosure filing during the period — four times the national average. Lee County documented the third highest foreclosure rate, where one in every 35 housing units received a foreclosure filing — 3.9 times the national average.

 

Broward County posts state’s top foreclosure total for third quarter

Broward County dominated, reporting 20,115 properties with foreclosure filings for the quarter. Miami-Dade County was second, reporting 20,096 properties with foreclosure filings. Palm Beach County was third, tallying 18,413 properties with foreclosure filings. Orange County was fourth highest, reporting 10,715 properties with foreclosure filings. Lee County came in last for the state’s top five, reporting 10,352 properties with foreclosure filings for the quarter.

 

State contributes 2 percent to nation’s foreclosure total for the quarter

2 percent of the 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Florida. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Florida

0

61,745

0

59,240

36,041

157,026

56

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

1,375

0

1,066

1,253

3,694

33

4.23

1.71

Palm Beach

0

3,481

0

13,142

1,790

18,413

35

3.99

1.61

Lee

0

2,645

0

4,762

2,945

10,352

35

3.93

1.59

Charlotte

0

751

0

1,239

601

2,591

39

3.55

1.43

Broward

0

7,446

0

7,338

5,331

20,115

40

3.46

1.40

 

 

Florida Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Florida

0

61,745

0

59,240

36,041

157,026

56

12.41

0.06

 

 

 

 

 

 

 

 

 

 

Broward

0

7,446

0

7,338

5,331

20,115

40

4.79

-13.57

Miami-Dade

0

9,776

0

4,478

5,842

20,096

49

0.06

-6.20

Palm Beach

0

3,481

0

13,142

1,790

18,413

35

135.76

104.29

Orange

0

4,500

0

3,472

2,743

10,715

43

3.58

-16.38

Lee

0

2,645

0

4,762

2,945

10,352

35

12.36

-21.61

 

 

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