Florida drops to No. 2 in Foreclosure
Florida rank second in foreclosure with one in every 444 units with a filing. October foreclosure activity down 2 percent from the previous month and down 25 percent year to year. It’s the 15th consecutive month Florida had a year to year decrease.
1. Miami posted the highest U.S. foreclosure rate for areas with a population of 200,000 or more, increasing 11 percent from the previous month thanks to a 67 percent monthly spike in foreclosure starts, though Miami foreclosures declined 27 percent year-to-year.
2. Orlando foreclosure activity decreased both annually and monthly; however, its foreclosure rate still ranked second highest nationwide. One in every 394 housing units in Orlando had a foreclosure filing in October, nearly three times the national average.
3. Despite a 23 percent year-over-year decrease in foreclosure activity, Tampa posted the nation’s third highest metro foreclosure rate in October: one in every 395 housing units with a foreclosure filing.
4. Foreclosure activity also decreased from a year ago in Jacksonville (37 percent), but it still had the nation’s fourth highest metro foreclosure rate (one in every 433 housing units with a foreclosure filing)
5. Foreclosure activity increased 13 percent from a year ago in Baltimore, Md. – the nation’s fifth highest metro foreclosure rate (one in every 435 housing units with a foreclosure filing).
The remaining five metro areas with foreclosure rates in the top 10 highest are Cape Coral-Fort Myers at No. 6 (one in every 445 housing units); Hagerstown-Martinsburg, Md., at No. 7 (one in every 458 housing units);Lakeland, Fla., at No. 8 (one in every 460 housing units); Visalia, Calif., at No. 9 (one in every 474 housing units); and Pensacola, Fla., at No. 10 (one in every 481 housing units).
A number of Florida homes were bumped from the foreclosure list because they sold at auction, including a 23 percent jump in Orlando completed auctions.
Other Florida cities had an uptick in auctions scheduled but not yet completed, including Cape Coral-Fort Myers(up 170 percent), Lakeland (up 678 percent) and Orlando (up 33 percent).
“The backlog of delayed foreclosures continues to make its way through the pipeline, with many homeowners letting their homes fall into foreclosure when the Mortgage Forgiveness Debt Relief Act of 2007 expired at the end of 2013,” says Mike Pappas, CEO and President of the Keyes Company in Southern Florida.
“However, we are transitioning from a distressed market to a normal market,” Pappas adds. “The 27 percent decline in the distressed numbers for South Florida confirms we are in the fourth quarter of the distressed game.”