Monday, May 19, 2014

Florida No. 1 In U.S. Foreclosures

ORLANDO, Florida -- Florida posted the nation’s highest foreclosure rate for the seventh consecutive month, according to RealtyTrac's U.S. Foreclosure Market Report for April 2014.  One in every 400 Florida housing units had a foreclosure filing during April, nearly three times the national average.  

Eleven of the 20 highest foreclosure rates in metropolitan statistical areas with a population of 200,000 or more were in Florida, led by Orlando at No. 1.  One in every 289 Orlando housing units had a foreclosure filing in April, nearly four times the national average.

Other Florida cities with top 10 foreclosure rates were:

Rank                           Metro Area

1.        Orlando (1 in 289)

2.        Deltona-Daytona Beach-Ormond Beach (1in 306)

3         Miami-Fort Lauderdale-Pompano Beach (1 in 345)

4.        Jacksonville (1 in 368)

5.        Tampa-St. Petersburg-Clearwater (1 in 388)

6.        Palm Bay-Melbourne-Titusville (1 in 402)

9.        Lakeland (1 in 452)

10.      Sarasota-Bradenton-Venice (1 in 460)

Nationwide, RealtyTrac reported that overall foreclosure activity (foreclosure filings, default notices, scheduled auctions and bank repossessions) decreased 1% from March and was down 20% from April 2013. 

Despite the decrease in overall foreclosure activity, bank repossessions in April increased 4 percent from the previous month, although they were still down 14 percent from a year ago. There were a total of 30,056 bank repossessions nationwide in April.

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”