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Fla. had nation’s top foreclosure rate in Jan.
IRVINE, Calif. – Feb. 13, 2014
Florida’s January foreclosure activity (all homes in some stage of the foreclosure process) increased 19 percent month-to-month but fell 13 percent year-to-year. According to RealtyTrac, it was the state’s sixth consecutive month for an annual decrease in foreclosure activity.
RealtyTrac credits the higher number of foreclosure auctions to passage of fast track legislation that became effective last summer. However, despite the downward year-to-year trend in foreclosure activity, Florida maintained its rank as No. 1 nationally for foreclosure rates. In Florida, one in every 346 housing units had a foreclosure filing.
Florida foreclosure starts – where a homeowner receives a first notice – jumped 43 percent from December to January, but starts were down 33 percent year-to-year. Scheduled foreclosure auctions increased 28 percent from December and rose 28 percent year-to-year, for their highest monthly level since October 2010 – a 39-month high.
Other states with a high number of foreclosures include Nevada (one in every 533 housing units with a foreclosure filing), Maryland (one in every 543 housing units), Illinois (one in every 603 housing units), New Jersey (one in every 619 housing units), Connecticut (one in every 752 housing units), Delaware (one in every 818 housing units), South Carolina (one in every 850 housing units), Ohio (one in every 885 housing units), and California (one in every 921 housing units).
Metro foreclosure rates
Florida cities also held eight of the top 10 foreclosure rates in January (metropolitan statistical areas with a population of 200,000 or more), led by Port St. Lucie where one in every 211 housing units had a foreclosure filing – more than five times the national average.
Florida metros in the nation’s top 10 include No. 2 Miami (one in every 239 housing units with a foreclosure filing); No. 3 Palm Bay-Melbourne-Titusville (one in every 279 housing units); No. 4 Lakeland (one in every 294 housing units); No. 5 Ocala (one in every 330 housing units); No. 6 Orlando (one in every 358 housing units); No. 7 Tampa (one in every 389 housing units); and No. 9 Jacksonville (one in every 410 housing units).
Orlando and Tampa were the only two top 10 Florida metros where foreclosure activity did not increase from December to January.
RealtyTrac says foreclosure activity increased 8 percent in January month-to-month and fell 18 percent year-to-year. Overall, one in every 1,058 U.S. housing units had a foreclosure filing during the month.
January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis, but the annual decline of 18 percent was the smallest annual decline since September 2012, and the 8 percent monthly increase was the biggest month-over-month increase since May 2012.
“The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust,” says Daren Blomquist, vice president at RealtyTrac.
“The foreclosure rebound pattern is not only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases,” he says.
RE-SOURCED: © 2013 Florida Realtors®
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