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Florida's Foreclosure Rate 3rd In Nation But Key Indicators Fall

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Photo courtesy the U.S. Department of Housing and Urban Development.
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WMFE

New foreclosure numbers out of RealtyTrac keep Florida’s foreclosure rate near the top in the nation. But there are some bright spots in the numbers as well.

Florida had the third highest rate of foreclosure filings in November, keeping the state in the top five where it has been all year. That said, foreclosure activity is down by 30 percent from a year ago and scheduled foreclosures have dropped by 58 percent.

“The homes that have been sold in the last seven years since the bubble burst and the loans that have been originated have actually been affordable for homeowners and home buyers,” said RealtyTrac Vice President Darren Blomquist. “So those folks are not falling into foreclosure, they’re not getting into trouble.”

Blomquist said it’s possible that banks could be holding back until the Florida Supreme Court rules on the statute of limitations on foreclosures.

Meanwhile, central Florida continues to be at the center of Florida’s foreclosure landscape. Blomquist said Ocala’s foreclosure rate ranks third in the nation and Orlando’s ranks thirteenth. South Florida and other parts of the state are seeing a flood of foreign investors, he said, along with a more robust economy.

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