Although Florida foreclosure activity has decreased, year-over-year, for the fifth straight month in August, the foreclosure rate in Florida still remained one of the highest in the country. Seventeen percent (17%) of all foreclosures in the United States are right here in the Sunshine State. This ranks Florida second among all the states for foreclosures.
Specifically, 1 in every 155 Florida homes were in receipt of a foreclosure filing in August. That is 2.5 times the national average. That equals to 56,877 properties receiving a foreclosure filing in August. That is up 10% from July, but down 9% for the same time last year.
Recent figures, however, demonstrates that default notices are being sent out less frequently. In August, banks sent out 46% less default notices as compared with the amount of default notices that were sent out in August of 2009. However, and as compared with July of this year, August saw an increase of 2% in default notices being sent out.
As reported in the USA Today, it is becoming apparent that the housing supply being accumulated by banks by way of repossessions after foreclosures are filed is being carefully managed on both ends by lenders and servicers. Simply stated, on the front end, delinquent loans are falling into foreclosure at a slower rate. On the back end, the backed-up inventory of properties already in foreclosure are moving to bank ownership at a steady pace. This is most like being done to prevent a further drop in home prices.
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For a free consultation with a Miami lawyer familiar with the local real estate market, contact Alvarez & Barbara, LLP, today. We represent clients in Miami, Homestead, Hialeah, Coral Gables, and throughout South Florida.