Posted on Friday, December 17, 2010
I. Allegations over robo-signing that led to temporary lender moratoriums to inspect paperwork and procedures trampled down foreclosure rates in Florida and across the nation in November, according to RealtyTrac.
Despite a 42 percent drop in foreclosure activity from the previous month, Florida posted the second highest total nationwide with 32,938 properties receiving a foreclosure filing in November.
RealtyTrac includes default notices, scheduled auctions and bank repossessions ¬ in its data. So, a single property can be counted several times over the course of the foreclosure process.
Initial default notices in Florida decreased 52 percent from the previous month. Scheduled auctions fell 46 percent and bank repossessions were down 20 percent in November, data shows.
Earlier this year, Bank of America Corp., JPMorgan Chase & Co. and and Ally Financial temporarily halted some foreclosures while they investigated their practices. But they have since restarted foreclosures.
And, in October Florida Attorney General Bill McCollum joined with attorneys general from 49 other states in opening a joint investigation into home foreclosures.
California had the most in the nation with 57,378 properties receiving a foreclosure filing in November. The state accounts for 22 percent of all foreclosures nationwide.
With 3,198 filings, Broward County saw the sharpest drop in November foreclosure activity, falling 56 percent from October and 55 percent from November 2009. One in every 252 Broward homes received a foreclosure filing of some type in November.
Palm Beach County saw 3,053 filings in November, a 55 percent drop from October and an 8 percent decrease year-over-year. One in every 210 residences in Palm Beach received a filing.
Miami-Dade County had 3,952 filings in November, down about 32 percent from October and 46 percent from November 2009. One in every 248 Miami-Dade residences received a filing.
Nationally, foreclosure filings fell 21 percent from the previous month and 14 percent from November 2009. One in every 492 U.S. homes received a foreclosure filing in November.
“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” James J. Saccacio, RealtyTrac's CEO said in a news release. “While part of the decrease can be attributed to a seasonal drop of 7 to 10 percent that typically occurs in November, fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork.”SFBJ