The Real Deal Miami

Florida dominates ’10 foreclosure hot spots list

January 27, 2011 01:58PM

The Miami-Fort Lauderdale-Pompano Beach metro area had the fifth-highest residential foreclosure rate in the country in 2010, with 171,704 homes, or one in every 14 housing units, receiving a foreclosure filing last year, according to RealtyTrac’s year-end U.S. foreclosure market report. The report tracks the total number of properties with at least one foreclosure filing recorded by RealtyTrac during the year. For the South Florida region, that number was down only slightly, by .69 percent, from the foreclosure rate for the area in 2009, and still 42.51 percent above its rate in 2008.

RealtyTrac’s ranked list, which is organized based on the metro area’s percentage of properties in foreclosure rather than the total number of foreclosure filings, pegged the greater Las Vegas market as the worst in the nation in terms of foreclosure activity. Las Vegas saw 88,198 properties with filings during 2010, roughly 10.88 percent — or one in every nine properties. But Florida cities accounted for nine of the top 20 metro areas in terms of foreclosure rates. Coral Gables-Fort Myers ranked second, with one in every 12 housing units receiving filings.

Nationwide 2.87 million, or one in every 45 properties, had a foreclosure filing during 2010. This marks a 1.67 percent climb over 2009’s levels and a 23.23 percent jump from 2008. TRD