Florida Still Near The Top For Foreclosures In November

Florida Still Near The Top For Foreclosures In November

Florida’s foreclosure rate led the nation in November, even though the Sunshine State is enjoying a healthy rebound in housing prices.

The November statistics from RealtyTrac, a California based firm that tracks foreclosures, show that Florida had the nation’s highest rate of foreclosure in November.

Looking at the RealtyTrac data for Florida, one in every 392 housing units received a foreclosure notice. Nationally, 1 in every 1,155 housing units received a foreclosure filing in November 2013.

But the RealtyTrac study also offers strong data that suggests the foreclosure crisis may be nearing its end. And Florida, with a foreclosure process that is longer than other states on average, may be simply lagging behind the larger recovery trend.

 Florida foreclosure filings for November decreased 15 percent from the previous month and almost 23% in November year-over-year, still lower than the national average.

Nationwide, foreclosure activity in November was down 37% from a year ago and 15% from October, the November RealtyTrac report stated. Foreclosure activity was down 61% in California, 59% in Arizona and 55% in Nevada.

November foreclosure starts fell to their lowest level since December 2005 — before the historic housing bust began. Starts offer an indication of future numbers of distressed homes on the market.

“The depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis,” says Daren Blomquist, RealtyTrac vice president, in a statement accompanying the November report.

Joining Florida as the states with the highest foreclosure rates in November were Delaware, Maryland, South Carolina and Illinois, RealtyTrac says.

 These rates are based on filings at every stage of the foreclosure process. This means that a house may be counted more than once as it goes through a default notice, an auction or bank repossession.

In November, Florida was home to eight of the top 10 larger U.S. metropolitan regions with the highest foreclosure rates, led by Jacksonville, Miami and Port St. Lucie, RealtyTrac says.

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