Miami Metro Area Foreclosure Activity Up in Third Quarter

Filings up 13 percent from Q2 2011, down 62 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 22,410 Miami metro area  properties during the third quarter of 2011, up 13 percent from the second  quarter of 2011, but still 62 percent below the level reported for the same  quarter last year, according to the latest  RealtyTrac® U.S. Foreclosure Market Report.

One in every 108 of the metro  area’s housing units had a foreclosure filing in the third quarter of 2011, the  23rd highest foreclosure rate among the 211 metro areas with  populations exceeding 200,000 surveyed every month by RealtyTrac.

Foreclosure filings were reported  on 7,872 Miami  metro area properties in September, a 4 percent decrease from August and down  65 percent from September 2010. One in every 309 Miami metro area housing units had a  foreclosure filing in September, the 26th highest foreclosure rate  among the 211 metro areas with populations exceeding 200,000 surveyed every  month by RealtyTrac.

Broward County posts top  foreclosure rate for the third quarter
  One in every 105 housing units in Broward County had a foreclosure filing during the third quarter of  2011 — twice the national average and 1.3 times the state average. Miami-Dade County had the second highest rate with  one in every 107 housing units reporting a foreclosure filing — twice the  national average and 1.2 times the state average. Palm Beach County  had the third highest rate, reporting one in every 116 housing units with a foreclosure  filing — 1.8 times the national average and 1.1 times the state average.

Miami-Dade County leads  the metro area in foreclosure activity for third quarter
  Miami-Dade County had the highest level of foreclosure activity in  the state, reporting 9,170 properties with foreclosure filings during the  quarter. Broward County was second highest in the metro  area, reporting 7,712 properties with foreclosure filings. Third highest total  was tallied in Palm Beach   County, where 5,528  properties with foreclosure filings were reported.

State foreclosure activity up  in third quarter
  Florida reported 67,886 properties with foreclosure filings  in the third quarter of 2011. This latest total represents a 15 percent  increase from the second quarter, but is 57 percent below the level reported in  the third quarter of 2010. One in every 130 Florida housing units received a foreclosure  filing in the third quarter, the fifth highest state foreclosure rate in the  nation.

State the second largest  contributor to nation’s foreclosure total in the third quarter
  Florida accounted for 11 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure  fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

                                    Miami metro area Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Miami MSA

0

10,439

0

6,119

5,852

22,410

108

1.96

n/a

Florida

0

34,602

0

18,139

15,145

67,886

130

1.63

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

3,561

0

2,385

1,766

7,712

105

2.03

1.25

Miami-Dade

0

4,248

0

2,626

2,296

9,170

107

1.99

1.22

Palm Beach

0

2,630

0

1,108

1,790

5,528

116

1.83

1.12

            Miami metro area Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Miami MSA

0

10,439

0

6,119

5,852

22,410

108

12.77

-61.77

Florida

0

34,602

0

18,139

15,145

67,886

130

14.52

-56.77

 

 

 

 

 

 

 

 

 

 

Miami-Dade

0

4,248

0

2,626

2,296

9,170

107

13.17

-54.37

Broward

0

3,561

0

2,385

1,766

7,712

105

36.93

-61.66

Palm Beach

0

2,630

0

1,108

1,790

5,528

116

-9.94

-69.98

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