Florida Leads Country in Foreclosures
- 10 years ago
The state of Florida has more foreclosures than any other in the US, and its southern counties have been the hardest hit.
In 2013, the state of Florida had more foreclosures than any other in the US, and its southern counties were the hardest hit.
Overall, 6.6 percent of all mortgaged houses in the state are in some phase of the repossession process.
Experts say that the latest statistics aren’t all bad news, though.
One bright spot is that the problem is getting better. By November of 2013, foreclosure inventory had dropped nearly 4 percent over the previous year.
Also reported is that the rate of new filings has slowed significantly, in some counties as much as nearly 25 percent.
Some say the large numbers signify that the state is dealing with the problem and getting more proactive about moving the process along.
For example, property auctions are up dramatically in Broward County, rising from just under 9 thousand to over 15 thousand in a single year.
Moving in the opposite direction is the number of open cases. Statewide, at the beginning of 2013 there were over 372 thousand open foreclosure filings. By early December that figure was approximately 263 thousand.
Regardless of the efforts, Florida still has one of the nation’s longest foreclosure processes, coming in at about 950 days.
In 2013, the state of Florida had more foreclosures than any other in the US, and its southern counties were the hardest hit.
Overall, 6.6 percent of all mortgaged houses in the state are in some phase of the repossession process.
Experts say that the latest statistics aren’t all bad news, though.
One bright spot is that the problem is getting better. By November of 2013, foreclosure inventory had dropped nearly 4 percent over the previous year.
Also reported is that the rate of new filings has slowed significantly, in some counties as much as nearly 25 percent.
Some say the large numbers signify that the state is dealing with the problem and getting more proactive about moving the process along.
For example, property auctions are up dramatically in Broward County, rising from just under 9 thousand to over 15 thousand in a single year.
Moving in the opposite direction is the number of open cases. Statewide, at the beginning of 2013 there were over 372 thousand open foreclosure filings. By early December that figure was approximately 263 thousand.
Regardless of the efforts, Florida still has one of the nation’s longest foreclosure processes, coming in at about 950 days.