IRVINE, Calif. – Oct. 15, 2014 – In the third quarter, Florida once again had the highest state foreclosure rate – default notices, scheduled auctions and bank repossessions – in the nation, according to RealtyTrac’s U.S. Foreclosure Market Report.
Still, Florida foreclosures declined both month-to-month and year-to-year, at 4 percent and 17 percent respectively. One in every 153 Florida housing units had a foreclosure filing – a total of 58,589 Florida properties.
By metro area, Orlando, Atlantic City and Macon, Ga., posted the nation’s top metro foreclosure rates in the third quarter.
With one out of every 117 housing units facing a foreclosure filing in the third quarter, Orlando posted the highest foreclosure rate among metropolitan statistical areas (MSAs) with a population of 200,000 or more. Orlando saw its foreclosure rate decline 1 percent since the second quarter, but it rose 16 percent year-to-year.
In Ocala and Palm Bay-Melbourne-Titusville, third quarter foreclosure activity decreased year-to-year. However, the two cities still posted the nation’s fourth and fifth highest overall metro foreclosure rates in the third quarter.
The remaining five metro areas with top 10 foreclosure rates were all in Florida:
Miami at No. 6 (one in every 137 housing units with a foreclosure filing)
Jacksonville at No. 7 (one in every 140 housing units)
Tampa at No. 8 (one in every 148 housing units)
Lakeland at No. 9 (one in every 158 housing units)
Port St. Lucie at No. 10 (one in every 175 housing units).
Florida also remains one of the top states for the length of time it takes to complete a foreclosure, ranking second at 951 days. Only New Jersey (1,064 days) foreclosures take longer. Hawaii (937 days), New York (902 days) and Illinois (889 days) round out the top five states.
Nationally, RealtyTrac reports that third quarter foreclosures were down 16 percent year-to-year but up 0.42 percent quarter-to-quarter. Looking at just September, U.S. foreclosure activity decreased on a year-over-year basis for the 48th consecutive month.
“September foreclosure activity was back to pre-housing bubble levels nationwide, in large part thanks to a continued slide in bank repossessions,” says Daren Blomquist, vice president at RealtyTrac. “However, a recent rise in scheduled foreclosure auctions in many markets across the country shows lenders are continuing to clean house of lingering delinquent loans. This rise in scheduled auctions foreshadows a corresponding rise in bank repossessions and auction sales to third party buyers in the coming months.”
© 2014 Florida Realtors®