Foreclosure Statistics

Miami foreclosure activity up 25 percent in Q3

Posted on Friday, November 5, 2010

Florida was one of four states whose cities accounted for all top ten foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those states accounted for most of the biggest increases in metro foreclosure activity, according to the latest figures from RealtyTrac.
The Irvine, Calif.-based online real estate company ranked the Miami-Fort Lauderdale-Pompano Beach metro area No. 7, with 58,624 foreclosure filings in the third quarter, the highest total nationwide.
That translates to one out of every 41 homes in some stage of foreclosure. Miami foreclosure activity increased nearly 25 percent from the previous quarter and was up 9 percent from the same time a year ago.
Among the 206 metro areas tracked in the report, 133 (65 percent) posted year-over-year increases in foreclosure activity.
“The underlying problems that are causing homeowners to miss their mortgage payments – high unemployment, underemployment, toxic loans and negative equity – are continuing to plague most local housing markets,” James J. Saccacio, CEO of RealtyTrac said in a news release. “And these historically high foreclosure rates will continue until those problems are resolved.”
The Las Vegas-Paradise metro area posted the nation’s highest metro foreclosure rate in the third quarter, with one in every 25 housing units (3.98 percent) receiving a foreclosure filing. That’s more than five times the national average.
South Florida Business Journal

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