Foreclosure Activity in Miami Metro Area Down in July

Total filings decline 4 percent from previous month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 7,302 Miami metro area properties in July, down 4 percent from June and 58 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report.

 

One in every 333 of the metro area’s housing units had a foreclosure filing in July, the 35th highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Broward County posts top foreclosure rate for July

Broward County posted the top county foreclosure rate in the metro area for July — one in every 300 housing units with a foreclosure filing — twice the national average and 1.3 times the state average. Miami-Dade County was second highest, with a rate of one in every 348 housing units with a foreclosure filing — 1.8 times the national average and 1.1 times the state average. Palm Beach County had the third highest rate, one in every 357 housing units with a foreclosure filing — 1.7 times the national average and 1.1 times the state average.

 

Miami-Dade County has top foreclosure total for July

Miami-Dade County had the highest level of foreclosure activity in the metro area, reporting 2,814 properties with foreclosure filings for July. Broward County was second highest, reporting 2,690 properties with foreclosure filings. Palm Beach County came in third, tallying 1,798 properties with foreclosure filings.

 

State foreclosure activity down in July

Florida reported 22,377 properties with foreclosure filings in July 2011, giving it the second highest state total in the nation. This latest total represents a 6 percent decrease from June and 57 percent below the level reported in July 2010. One in every 396 Florida housing units received a foreclosure filing in July, the sixth highest state foreclosure rate in the nation.

 

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

Florida accounted for 11 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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.

 

 

Miami Metro Area Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Florida

0

10,672

0

6,821

4,884

22,377

396

1.54

n/a

Miami MSA

0

3,294

0

1,990

2,018

7,302

333

1.84

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

1,214

0

881

595

2,690

300

2.04

1.32

Miami-Dade

0

1,261

0

768

785

2,814

348

1.75

1.14

Palm Beach

0

819

0

341

638

1,798

357

1.71

1.11

 

 

 

Miami Metro Area Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 11

% Chg July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Florida

0

10,672

0

6,821

4,884

22,377

396

-5.86

-56.60

Miami MSA

0

3,294

0

1,990

2,018

7,302

333

-3.92

-57.88

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

1,261

0

768

785

2,814

348

-8.46

-60.41

Broward

0

1,214

0

881

595

2,690

300

35.93

-58.43

Palm Beach

0

819

0

341

638

1,798

357

-29.41

-52.17

 

 

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