Florida: New Foreclosure Rate Dips despite Being Highest
Florida remains on top of the list of states in the country with the highest foreclosure rate. However, the number of new ones is on a steady decline.
According to a report compiled from January to June, only one in 50 homes in Florida is in on the verge of foreclosure. Areas in the state with the highest are Palm Beach, Broward and the Miami-Dade counties. Yet Florida still has the longest foreclosure process, which takes about 907 days. This is compared to the 1,033 days in New York and New Jersey.
The overall foreclosure filing rate in Florida decreased 23 percent in June while 17 percent for new cases in South Florida. The decline was attributed to the movement of lender backlogs in different stages of the court system. This means that some foreclosed homes were beginning to enter the market once again.
The increase in auction activity in June also signaled a good future for the foreclosure market of the state. In South Florida, especially, auction activity tripled during the last month.