Florida Third Nationally in Rate of Foreclosures
Approximately 3.15 percent of all Florida properties are in foreclosure, the third highest rate in the nation behind Nevada and Arizona, according to the latest foreclosure report from RealtyTrac, an online foreclosure marketplace.
Nationally, one in 78 homes received a foreclosure notice in the first half of 2010, up 8 percent from the same period one year ago. RealtyTrac reported that more than 1.6 million American homes received a foreclosure notice during the first six months of the year, and that at the current pace, more than three million properties will be in foreclosure by the end of the year.
For the third straight month, foreclosure filings declined in June by 3 percent, and are down 7 percent from June of 2009. Even with that decline, June was the 16th straight month of more than 300,000 foreclosure filings.
A report on U.S. foreclosures by Capital Economics, an independent macroeconomics firm, showed that a double dip in the U.S. housing market is beginning to materialize. The report noted that for every one house currently on the market, there are two waiting to be sold – reinforcing the prediction of a large “shadow inventory” of foreclosures.
Florida is second only to California in the highest number of foreclosures, with 277,000 properties in some phase of the foreclosure process statewide.
If you are having trouble making payments on your home loan, contact a Florida Bankruptcy and Foreclosure Attorney. An attorney can give you sound guidance on your decision and explain to you the legal consequences in the event of a default.
Greg Gilbert
Keith Maynard
