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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.

5 Responses »

  1. I guess I'm one of the 98, as my modification has been approved, and my credit is not

    exactly stellar right now. I would have to believe there is a lot of work being done by

    banks to facilitate this, based upon the time it takes on hold to speak with someone.

  2. Looking at economic fundamentals, and as someone who's been active in the real estate industry for nearly 20-years, I suspect that the current state of affairs will be with us for at least 7-12 years.

    There are literally MILLIONS of homes that will be foreclosed upon in the coming years and such a travesty cannot be recovered from quickly.

  3. The foreclosures are the entire reason why the Cape Coral market is such a hot place to buy right now. Property can be purchased at deep discounts. The speculators and investors got in over their heads, and the savings are being passed on to regular homeowners!

  4. Hey willroz14 I'm glad that my tax dollars were pit to good use bailing you out of you stupid I'll advised purchase.

    I've been saving and renting all these years just so that I could have the opportunity to bail out some deadbeats.

    Great.

    Peoples socialist republic of the united states

  5. Foreclosures in states like Florida, California and Nevada are really in a worse moment. Economy nowadays is facing a complicated situation