Florida’s Standing in the Midyear Foreclosure Report


July 15, 2014

Florida Midyear Foreclosure Report

RealtyTrac, a California firm that tracks foreclosures, recently released their Midyear 2014 U.S. Foreclosure Market Report. The findings were generally encouraging, yet highlight the progress Florida residents still need to make.

National Information

The report cites just over 613,000 U.S. properties with foreclosure filings in the first half of 2014. This is a 19% drop from the previous six months and a 23% decline since the first half of 2013. The national foreclosure activity in June was the lowest since the housing bubble burst in the summer of 2006.

If the current market responds as history dictates it should, the nation should notice a flat line in foreclosure activity between now and the end of the year.

While the picture that has been painted by the national statistics is positive, there are still a few states that are yet to reap the rewards of a successful housing market. While it is generally assumed these local markets won’t inflict irreparable damage to the overall foreclosure climate, there is still a significant risk to several states.

Florida is just one of a handful of states that hasn’t managed to climb out of the foreclosure quicksand.

Florida’s Current Foreclosure Climate

Only nine states in the U.S. experienced an increase in foreclosure activity—including New Jersey, Maryland, Iowa, Massachusetts, and Connecticut. While Florida didn’t see an increase in foreclosures, the state’s statistics are still quite bleak.

Florida had the highest rate of foreclosures during the first half of 2014. One in 74 Florida housing units (or 1.35%) had a foreclosure filing. The second place state—Maryland—was only one in 107. Florida’s current rate is three times the national average.

In the first half of 2014, Florida saw more than 121,000 properties with foreclosure filings. Some other noteworthy stats include:

  • Scheduled auctions have increased in 16 of the last 18 months, including a 15% spike between May and June 2014
  • It takes Florida residents about 925 days to complete the foreclosure process (much longer than the national average).
  • Pre-Foreclosures in Florida have decreased (3.8%), but auction and bank owned proprieties have increased (15.5% and 0.6% respectively).
  • The counties with the highest foreclosure rates are Clay, Hernando, Broward, Miami-Dade and Osceola.
  • Miami has the nation’s highest metro foreclosure rate—one in 61 units or 1.65%.
  • Florida houses eight of the nation’s top ten worst metro areas—including Orlando, Port St. Lucie, Palm Bay-Melbourne-Titusville, Tampa-St. Petersburg, Lakeland, Deltona-Dayton Beach-Ormond Beach, Ocala, and Jacksonville.

The above mentioned statistics seem pretty grim. However, there is hope on the horizon.

While Florida does have the highest foreclosure rate in the nation, the number has dropped 16% in the last two quarters and is down 22% from a year ago.

The number of first-time foreclosure properties decreased 4% between May and June. And this trend isn’t new; first-time foreclosure properties dropped 18% in the last year.

And while eight of the nation’s top ten most foreclosure-dense metros are in Florida, most show a decrease in activity over the last several months. As a Clearwater foreclosure lawyer, it is a relief to learn Pinellas County is above average in regard to Florida’s foreclosure rate (one in 708) and that the Tampa-St. Petersburg metro area is on the foreclosure decline.

The Midyear 2014 U.S. Foreclosure Market Report shows Florida homeowners aren’t out of danger yet. However, it does show encouraging signs of growth and progress in the housing market.

If you’re afraid of becoming one of Florida’s foreclosure statistics, talk with a Clearwater debt lawyer. Fill out the form to the right to get started. We’ll review your financial situation and offer suggestions on how to avoid this local heartache.

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