Foreclosures Continue to Rise, Florida Second Worst in Nation
Florida’s foreclosure rate in November was the second highest in the nation as one out of every 165 homes was in some stage of foreclosure proceedings, according to a national report released by RealtyTrac.
Florida edged out California for the second place spot, lagging behind only Nevada in the percentage of home mortgages in default. Florida’s November figure was 7.6 percent higher than November 2008 and 2.0 percent higher than October 2009.
Nationally, 306,627 homes, one out of every 447 homes, were in foreclosure, up 18.4 percent from November 2008. But the national rate represented the fourth straight month of national declines. James Saccacio, RealtyTrac chief executive, credited the drop to loan modification efforts and an extension of the federal first-time homebuyer program.
But long-term stability may be more elusive as the industry recovers from its worst slump in decades.
“A full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years,” Saccacio said in a statement.
With 52,935 Florida properties receiving foreclosure statements, reversing a two-month trend of fewer defaults than the previous month.
Two Florida cities were among the top 10 metro areas in the nation. Cape Coral/Fort Myers held the 4th spot with one out of every 96 homes in foreclosures while Orlando/Kissimmee ranked 8th with one in every 120 homes in default.
California, Florida, Illinois and Michigan - accounted for more than half of all foreclosures – about 52 percent - in November.
In terms of foreclosure rates, Nevada and Florida were followed by California, Arizona and Idaho, which all posted larger year-to-year increases in foreclosures when compared to Florida.