Thursday, May 16, 2013

Florida Leads the United States in Foreclosure Activity

Florida Leads the United States in Foreclosure Activity

Recently, RealtyTrac published its March and First Quarter 2013 Foreclosure Market Report. Although it reports a general reduction in foreclosure activity nationwide, the news was not good for Florida property owners in two general areas: number of foreclosure filings and metro foreclosure rates.

Foreclosure Notice

 Number of Foreclosure Filings

There were a total of 85,671 foreclosure filings in Florida in the first quarter; one filing per 104 housing units. Florida thus has the highest ratio nationwide and nearly three times the national average of one filing per 296 housing units. The foreclosure filing rate increased seven percent from the fourth quarter of 2012 and is 17 percent higher compared to the first quarter of 2012.

Florida StateSeven of the Top Ten Metro Foreclosure Rates are in Florida

Miami has the No. 1 foreclosure category in the Country (one in every 79 housing units), followed by Orlando (No. 2 at one in every 86 housing units); Ocala (No. 3 at one in 92 housing units); Tampa (No. 5 at one in 100 housing units); Jacksonville (No. 7 at one in 105 housing units); Palm Bay-Melbourne-Titusville (No. 8 at one in 109 housing units); Lakeland (No. 10 at one in 128 housing units).

You may review the entire report on RealtyTrac.

McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.