Filings slide 59 percent from second half of 2010
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 37,627 Miami metro area properties during the first six months of 2011, a 59 percent drop from the second half of 2010 and 60 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.
One in every 65 metro area housing units received a foreclosure filing in the first half of 2011, the 30th highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 regularly surveyed by RealtyTrac.
Foreclosure filings were reported on 7,600 Miami metro area properties in June, up 14 percent from May, but down 55 percent from June 2010. One in every 320 housing units received a foreclosure filing in June, the 31st highest metro foreclosure rate in the nation.
Palm Beach County posts top foreclosure rate at midyear
Palm Beach County reported one in every 60 housing units with a foreclosure filing — 1.8 times the national average and 1.3 times the state average — at midyear, the highest county foreclosure rate in the metro area for the period. Miami-Dade and Broward counties came in second highest for the six-month period, posting a rate of one in every 66 housing units with a foreclosure filing — 1.7 times the national average and 1.2 times the state average.
Miami-Dade County tallies metro area’s highest foreclosure total for first half
Miami-Dade County had the highest level of foreclosure activity in the Atlanta metro area during the first six months of 2011, reporting 14,838 properties with foreclosure filings for the period. Broward County was second highest, reporting 12,147 properties with foreclosure filings. Palm Beach County came in third, tallying 10,642 properties with foreclosure filings.
State the second largest contributor to nation’s foreclosure total
Florida reported 113,631 properties with foreclosure filings in the first half of 2011, giving it the second highest state total in the nation. This latest total represents a 55 percent decrease from the second half of 2010 and is 59 percent below the level reported in the first half of 2010. One in every 78 Florida housing units received a foreclosure filing during the half, the eighth highest state foreclosure rate in the nation.
State a top contributor to nation’s foreclosure total in first half of 2011
Florida accounted for 10 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.
“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.
“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
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.
Miami Metro Area Market Data By County – Midyear 2011
Total Properties with Filings
% Housing Units
1 every X HU
% Chg July-Dec 10
% Chg Jan-June 2010
Miami Metro Area Market Data by County – June 2011
1/every X HU (rate)
% Chg May 11
% Chg June 10