Florida Foreclosures Decline

Dated: 06/16/2016

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Florida foreclosures decline by 41,435 in one year

IRVINE, Calif. – June 15, 2016 – Florida is still at the top of the national heap when it comes to completed foreclosures.

Lenders closed on 66,071 foreclosures in Florida during the 12-month period ended in April, accounting for 14 percent of all seized properties in the U.S., data provider CoreLogic said Tuesday.

That was nearly 20,000 more foreclosures than second-place Michigan, but it was also 41,435 fewer than the previous year in Florida.

Florida tied for fourth in the total percentage of distressed properties, with 2.0 percent of the state's homes in some stage of the foreclosure process.

While Florida's foreclosure inventory is down from 2.9 percent over the year, it remains nearly double the U.S. average of 1.1 percent.

Nationwide, 461,615 foreclosures were completed nationwide in past year.

In Florida, 4.6 percent of all home mortgages are considered seriously delinquent – at least 90 days past due – which was the third highest rate in the nation. But that declined from 6.5 percent over the year.

Those homeowners are considered most at risk to fall into foreclosure.

The U.S. rate was 3.0 percent, the lowest level since October 2007.

"The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates," said Frank Nothaft, chief economist for CoreLogic. "Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point."

New Jersey led the nation with a foreclosure rate of 3.7 percent, followed by New York at 3.2 percent and Hawaii at 2.2 percent.

Copyright © 2016 Sarasota Herald-Tribune, Fla., John Hielscher. Distributed by Tribune Content Agency, LLC.

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Bill Mitchell

I am the senior REO contract & closing coordinator insuring that our office has smooth transactions throughout with constant communications through ownership and asset managers alike. Daily duties inc....

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