Florida Foreclosures Decline in November

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.

 

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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Florida

0

10,937

0

11,295

10,706

32,938

267

1.84

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

176

0

478

362

1,016

119

4.13

2.24

Saint Lucie

0

366

0

480

162

1,008

131

3.75

2.04

Hillsborough

0

756

0

1,700

957

3,413

153

3.22

1.75

Manatee

0

295

0

544

196

1,035

165

2.99

1.62

Charlotte

0

226

0

264

103

593

171

2.88

1.57

 

 

Florida Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Florida

0

10,937

0

11,295

10,706

32,938

267

-42.07

-37.78

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,329

0

1,054

1,569

3,952

248

-31.70

-45.91

Hillsborough

0

756

0

1,700

957

3,413

153

-23.90

34.32

Broward

0

909

0

1,208

1,081

3,198

252

-56.34

-54.95

Palm Beach

0

1,064

0

439

1,550

3,053

210

-55.44

-8.07

Orange

0

623

0

547

782

1,952

236

-54.15

-54.96

 

 

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