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Florida had the highest number of foreclosures this past year

Florida has the highest numbers of completed foreclosures of any state in the nation. The number of distressed homes in our state also remains high. Florida has 121,338 foreclosures closed during the 12-month period ending in April. This was more than double the number of completed foreclosures of any other state and added up to 20 percent of all foreclosures in the U.S.

Florida also had 5.4 percent of homes in stages of distress which was the second highest rate in the country. If there is any bright side to this story, this percentage was down from the 9.2 percentage rate Florida had one year earlier.

There were approximately 694,000 homes in the country facing possible foreclosure in April. One year earlier there were 1.1 million homes in some stage of foreclosure. There were 599,000 completed foreclosures during the one-year period which was actually the lowest since 2007.

There is always room for improvement, however. Perhaps because we are still dealing with so much distressed property the pace of completing foreclosures has been relatively slow. It will take all banks about 14 months to take the entire foreclosed inventory through the completed process. This may at least give some distressed homeowners a little bit more to consider their options though in many circumstances one's time to act is limited.

Attorneys can in some instances help homeowners at various stages of the foreclosure process. Homeowners sometimes have a case for foreclosure defense because of mistakes made by banks. In other circumstances we can help homeowners locate a loan modification or provide a number of other alternatives to losing the home.

 

Source: Inside Real Estate, "Florida tops in completed foreclosures," John Hielscher, May 29, 2014

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