Florida Foreclosures Down in 2010

Foreclosure filings drop 6 percent from 2009; foreclosure rate 3rd highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 485,286 Florida properties for 2010, down more than 6 percent from a year ago but still 26 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 18 Florida housing units received a foreclosure filing, the third highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 25,641 Florida properties in December 2010, a 22 percent decrease from November and 54 percent lower than the level reported in December 2009. One in every 343 Florida housing units received a foreclosure filing during the month, 1.5 times the national average.

 

“Foreclosure activity in Florida may be down from its 2009 high, but it remains grossly elevated as compared to the level reported two years ago, earning it the rank of second worst affected state in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remained elevated throughout the year, helping to keep foreclosures generally up. The fact that the sate’s 2010 foreclosure activity was considered an improvement from the previous year demonstrates the extent of havoc foreclosure filings have brought upon Florida and its residents.”

 

Florida maintained the second spot in the nation in 2010, following California. For 2010, California led the nation reporting 546,669 properties with foreclosure filings. Arizona came in third, tallying 155,878 properties with foreclosure filings. Illinois came in a close fourth, reporting 151,304 properties with foreclosure filings. Michigan made it into the nation’s top five for 2010, tallying 135,874 properties with foreclosure filings.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). 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 2010

Osceola County posted the highest foreclosure rate in Florida in 2010, with one in every 10 housing units receiving a foreclosure filing — 4.5 times the national average. Lee County came in second, with one in every 12 housing units receiving a foreclosure filing in 2010 — 3.8 times the national average. The next highest was Broward County, where one in every 13 housing units received a foreclosure filings during the year — 3.5 times the national average.

 

Miami-Dade County led the state in foreclosure activity in 2010

Miami-Dade County led Florida in foreclosure activity, reporting 65,716 properties with foreclosure filings. Next highest was Broward County, where 62,550 properties with foreclosure filings were reported. Palm Beach County was third highest, reporting 43,438 properties with foreclosure filings for the year. Orange County came in fourth, tallying 33,611 properties with foreclosure filings. Fifth highest total for the year was in Lee County, where 30,660 properties with foreclosure filings were reported.

 

State the nation’s second largest contributor to total foreclosure activity in 2010

Florida accounted for 17 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Florida

1

227,705

0

135,068

122,512

485,286

18

2.48

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

4,572

0

3,575

3,897

12,044

10

4.47

1.81

Lee

0

9,831

0

10,787

10,042

30,660

12

3.78

1.52

Broward

0

26,930

0

18,961

16,659

62,550

13

3.49

1.41

Orange

0

13,897

0

10,564

9,150

33,611

14

3.28

1.32

Charlotte

0

2,420

0

2,580

1,889

6,889

15

3.06

1.23

 

 

Florida Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Florida

1

227,705

0

135,068

122,512

485,286

18

-6.08

25.95

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

36,540

0

12,030

17,146

65,716

15

-9.22

32.23

Broward

0

26,930

0

18,961

16,659

62,550

13

-10.17

32.00

Palm Beach

0

17,352

0

17,226

8,860

43,438

15

40.71

85.64

Orange

0

13,897

0

10,564

9,150

33,611

14

-15.86

31.68

Lee

0

9,831

0

10,787

10,042

30,660

12

-28.25

-25.29

 

 

 

Florida Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Florida

0

10,848

0

7,334

7,459

25,641

343

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Osceola

0

186

0

209

372

767

158

3.17

2.18

Volusia

0

647

0

673

189

1,509

165

3.04

2.09

Palm Beach

0

1,573

0

416

1,035

3,024

212

2.36

1.62

Flagler

0

77

0

113

30

220

222

2.25

1.54

Hendry

0

29

0

21

4

54

247

2.02

1.39

 

 

Florida Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Florida

0

10,848

0

7,334

7,459

25,641

343

-22.15

-53.64

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,212

0

1,250

621

3,083

318

-21.99

-58.76

Palm Beach

0

1,573

0

416

1,035

3,024

212

-0.95

14.03

Broward

0

1,082

0

460

541

2,083

387

-34.87

-69.35

Orange

0

803

0

389

503

1,695

272

-13.17

-59.03

Volusia

0

647

0

673

189

1,509

165

86.30

-25.44

 

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