Miami Metro Area Foreclosure Activity Rises in October

Metro area filings up 48 percent from September

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,621 properties in the Miami metro area for October, a 48 percent increase from September, but still 42 percent below the level reported for October 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 209 of the metro area’s housing units had a foreclosure filing in October 2011, the 11th highest foreclosure rate among the 211 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

Miami-Dade County posts top foreclosure rate and total for October
 One in every 181 housing units in Miami-Dade County had a foreclosure filing in October — 3.1 times the national average and 1.5 times the state average — the highest foreclosure rate of all Metro area counties for the month. Miami-Dade County also led all counties, reporting 5,402 properties with foreclosure filings for the month

Broward County had the second highest rate of one in every 217 housing units with a foreclosure filing during the month — 2.6 times the national average and 1.2 times the state average. Palm Beach County had the third highest rate of one in every 257 housing units with a foreclosure filing during the month — 2.2 times the national average and on par with the state average.

Broward County had the second highest total, reporting 3,725 properties with foreclosure filings. Palm Beach County was third, reporting 2,494 properties with foreclosure filings.

State foreclosure activity up in October
 Florida reported 33,073 properties with foreclosure filings in October 2011. This latest total represents a 37 percent increase from September, but is till 42 percent below the level reported in October 2010. One in every 268 Florida housing units received a foreclosure filing in October, the fourth highest state foreclosure rate in the nation.

State the nation’s second largest contributor to total foreclosure activity in October
 Florida accounted for 14 percent of the 230,678 properties with foreclosure filings reported nationwide in October. Total U.S. activity increased by more than 7 percent from September, but was down nearly 31 percent from the level reported in October 2010. One in every 563 U.S. housing units received a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

 

                          Miami metro area Top Foreclosure Rates By County – October2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Florida

0

15,234

0

10,655

7,184

33,073

268

2.10

n/a

Miami MSA

0

4,762

0

4,193

2,666

11,621

209

2.70

n/a

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

2,596

0

1,704

1,102

5,402

181

3.11

1.48

Broward

0

1,281

0

1,509

935

3,725

217

2.60

1.24

Palm Beach

0

885

0

980

629

2,494

257

2.19

1.04

 Miami metro area Top Foreclosure Totals by County – October2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Florida

0

15,234

0

10,655

7,184

33,073

268

37.36

-41.83

Miami MSA

0

4,762

0

4,193

2,666

11,621

209

47.62

-41.78

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

2,596

0

1,704

1,102

5,402

181

57.77

-6.64

Broward

0

1,281

0

1,509

935

3,725

217

45.91

-49.14

Palm Beach

0

885

0

980

629

2,494

257

31.61

-63.60

 

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