Filings down 42 percent from October, rate 5th highest in nation
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 32,938 Florida properties in November, down 42 percent from the previous month and a 38 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
One in every 267 Florida housing units received a foreclosure filing in November, giving the state the fifth highest state foreclosure rate in the nation.
“Foreclosure activity was down significantly in Florida during November and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 52 percent for the month. The “robo-signing” controversy over improperly executed foreclosure documentation is having a significant impact on the courts and foreclosure activity levels statewide as the Attorney General’s office continues its investigation.”
With 57,378 properties with foreclosure filings, California remained firmly established as the national frontrunner, with Florida alone in second place well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.
The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.
Osceola County posts state’s top foreclosure rate in November
One in every 119 housing units received a foreclosure filing in Osceola County in November — 4.1 times the national average and 2.2 times the state average. Saint Lucie County reported the second highest foreclosure rate in the state, with one in every 131 housing units receiving a foreclosure filing for the month — 3.8 times the national average and twice the state average. Hillsborough County came in third, with one in every 153 housing units receiving a foreclosure filing — 3.2 times the national average and 1.8 times the state average.
Miami-Dade County dominates state in foreclosure activity for November
Foreclosure activity was heaviest in Miami-Dade County, which reported 3,952 properties with foreclosure filings for the month. Hillsborough County tallied the second highest foreclosure level, reporting 3,413 properties with foreclosure filings. Third highest total was in Broward County, where 3,198 properties with foreclosure filings were reported. Fourth highest was Palm Beach County, where 3,053 properties with foreclosure filings were reported. Orange County filled out the top five for the month, reporting 1,952 properties with foreclosure filings.
State a major contributor to nation’s monthly foreclosure total
Florida accounted for 13 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month.
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 – November 2010
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Florida Top Foreclosure Totals by County – November 2010
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