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Florida still No. 1 in Foreclosure Activity: Tallahassee #9 in State

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Currently there is approximately 500 Bank Owned Properties (REO’s) in Leon County. If you are interested in purchasing a REO, contact me and I can guide you through the Process.

RealtyTrac:  Fla. still No. 1 in foreclosure activity

Fla. cities prevalent in foreclosure top 10

1. Palm Bay-Melbourne-Titusville (one in every 296 housing units)
2. Tampa (one in every 318)
3.  Jacksonville (one in every 319)
4. Miami (one in every 328)
5. Port St. Lucie (one in every 361)
6. Orlando (one in every 370)
7. Atlantic City, N.J. (one in every 398)
8. Ocala (one in every 404)
9. Tallahassee (one in every 407)
10. Lakeland (one in every 410)

IRVINE, Calif. – March 13, 2014 – Florida remained the No. 1 state in the nation in foreclosure activity in February despite a long trend of improvement, according to RealtyTrac.

For February, Florida’s foreclosure activity, which is a tally of initial filings, auction notices, and lender repossessions, dropped 24 percent from a year earlier, the Irvine, Calif.-based data firm said.

Even with that decline, one in every 372 residences in Florida got some sort of filing during the month, a rate more than three times the national average.

One reason Florida still leads the pack: its judicial foreclosure process drags on such a long time – 1,095 days on average. Only Arkansas (averaging 1,128 days) and Hawaii (averaging 1,112 days) took longer to resolve foreclosures, RealtyTrac said.

For the area encompassing Miami, Fort Lauderdale and Pompano Beach, foreclosure activity fell 33 percent in February compared with a year earlier and was down 27 percent from the prior month.

Nine of the 10 major metro areas in the U.S. with the highest foreclosure rates in February were in Florida. Topping the list was Palm Bay-Melbourne-Titusville. Tampa ranked No. 2; Jacksonville, No. 3; and Miami, No. 4 with one in every 328 residences seeing some type of foreclosure activity during the month. Port St. Lucie came in fifth.

Hopeful signs? New foreclosure filings in Florida dropped year over year for the 12th consecutive month, and Florida bank repossessions fell annually for the sixth consecutive month, RealtyTrac said.

Scheduled foreclosure auctions in Florida fell 2 percent year over year in February after 13 consecutive months of increases.

Copyright © 2014 The Miami Herald, Martha Brannigan. Distributed by MCT Information Services.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=305181

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