Miami Metro Area Foreclosures Down in 2010

Metro area filings slide 1 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 171,704 Miami metro area properties for 2010, down 1 percent from a year ago, but still almost 43 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 8,190 Miami metro area properties in December 2010, a 20 percent decrease from November and nearly 52 percent below the level reported in December 2009. One in every 296 Miami Metro Area housing units received a foreclosure filing during the month.

 

“Foreclosure activity dipped slightly in the Miami metro area from 2009 to 2010, although it remained well above what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area ended 2010 with a staggeringly high unemployment of 13.2 percent, leaving many residents facing the real possibility of foreclosure. The related drop in housing prices caused by all this activity has made Miami a hot spot for renters who are looking to become homeowners, provided they can qualify for a loan.”

 

One in every 14 Miami metro area housing units received a foreclosure filing in 2010, the fifth highest rate among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Broward County posts metro’s top foreclosure rate in 2010

One in every 13 housing units received a foreclosure filing in Broward County in 2010 — 3.5 times the national average and 1.4 times the state average. Palm Beach County came in second, with one in every 15 housing units receiving a foreclosure filing in 2010 – 3.1 times the national average and 1.2 times the state average. The next highest was Miami-Dade County, where one in every 15 housing units received a foreclosure filings during the year — three times the national average and 1.2 times the state average.

 

Miami-Dade County led the metro area in foreclosure activity in 2010

Miami-Dade County led the metro area, reporting 65,716 properties with foreclosure filings. Broward County had the second highest total, with 62,550 properties with foreclosure filings. Palm Beach County was third highest, reporting 43,438 properties with foreclosure filings for the year.

 

State ranked in nation’s top 5 for total foreclosure filings in 2010

Florida reported 485,286 properties with foreclosure filings in 2010, giving it the second highest state total in the nation. This latest total represents a 6 percent decrease from the previous year, but is still 26 percent above the level reported in 2008. One in every 18 Florida housing units received a foreclosure filing during the year, the third highest state foreclosure rate in the nation.

 

State a major 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.

 

Miami Metro Area 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

Miami Metro Area

0

80,822

0

48,217

42,665

171,704

14

3.18

n/a

Florida

1

227,705

0

135,068

122,512

485,286

18

2.48

n/a

 

 

 

 

 

 

 

 

 

 

Broward

0

26,930

0

18,961

16,659

62,550

13

3.49

1.41

Palm Beach

0

17,352

0

17,226

8,860

43,438

15

3.05

1.23

Miami-Dade

0

36,540

0

12,030

17,146

65,716

15

3.02

1.22

 

 

Miami Metro Area 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

Miami Metro Area

0

80,822

0

48,217

42,665

171,704

14

-0.69

42.51

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

 

 

 

Miami Metro Area 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

Miami Metro Area

0

3,867

0

2,126

2,197

8,190

296

1.69

n/a

Florida

0

10,848

0

7,334

7,459

25,641

343

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Palm Beach

0

1,573

0

416

1,035

3,024

212

2.36

1.62

Miami-Dade

0

1,212

0

1,250

621

3,083

318

1.58

1.08

Broward

0

1,082

0

460

541

2,083

387

1.30

0.89

 

 

Miami Metro Area 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

Miami Metro Area

0

3,867

0

2,126

2,197

8,190

296

-19.73

-51.61

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

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