The Real Deal Miami

After four months of declines, foreclosures rise in December, report shows

January 14, 2010 10:22AM

Foreclosure filings shot up 21 percent last year after 2.8 million U.S. properties — one in every 45 households — received notices from their lenders, according to real estate data firm RealtyTrac. While foreclosure activity slowed by 7 percent in the fourth quarter of 2009, as compared with the third, it was up 18 percent year-over-year. In December 2009, 349,000 properties received foreclosure notices, a 14 percent month-over-month increase, despite the fact that a number of lenders agreed to foreclosure moratoria for the holidays. December’s was the first monthly increase since July’s peak at more than 361,000 foreclosure filings, RealtyTrac’s report says. Filings had been decreasing since then because of trial loan modifications, state legislation, and a backlog of foreclosures, said James Saccacio, CEO of RealtyTrac. Nevada led the country in its foreclosure rate, with filings reported on more than 10 percent of homes. Arizona and Florida rounded out the top three. Broward County had 69,633 filings last year, or one
in every 12 homes, which represents a rise of 47 percent from 2008 and 235 percent from
2007. Miami-Dade County had 72,391, or one in every 13 homes, a 46 percent rise from 2008 and up 187 percent from 2007. Palm Beach County
saw the fewest homes fall into default in South Florida,
with 30,870 filings, or one in every 21 homes. That was an increase of 32 percent
from 2008 and 159 percent from 2007. Moody’s Economy.com has predicted that 2.4 million homes will be foreclosed or auctioned off nationwide in 2010. [USA Today] and [Reuters]