The South Florida region had the third-highest foreclosure rate among metro areas in July as the number of filings increase, according to RealtyTrac.
There were 7,285 foreclose filings in the tri-county area in July. That’s up 31 percent from June and up 24 percent from July 2014. RealtyTrac counts new lawsuits, notices of auction and repossessions as foreclosure filings.
That equates to a foreclosure rate of one filing for every 339 South Florida homes. Only Atlantic City, New Jersey (one in 258 homes) and Jacksonville (one in 310 homes) had higher foreclosure rates in July.
Foreclosure filings also increased nationwide.
“The increase in overall foreclosure activity over the last five months has been driven primarily by rapidly rising bank repossessions, which in July reached the highest level since January 2013,” said Daren Blomquist, VP at RealtyTrac. “Meanwhile foreclosure starts in July were at the lowest level since November 2005 — a nearly 10-year low that demonstrates the recent rise in bank repossessions represents banks flushing out old distress rather than new distress being pushed into the pipeline.
“RealtyTrac data now shows 61 percent of loans still in the foreclosure process were originated during the housing bubble years of 2004 to 2008, down from 68 percent last year and 75 percent two years ago.”
Indeed, of the 7,285 foreclosure filings in South Florida in July, 3,294 were repossessions and 2,674 were notices of auction.
“The remnants of our South Florida distressed market are seen in the strong REO numbers — double what they were last year,” said Mike Pappas, CEO and president of the Keyes Co. covering the South Florida market. “The short sales have basically been eliminated and our long judicial system is finally clearing out the last vestiges of these REO properties.”
Florida, Maryland, New Jersey post highest state foreclosure rates
Florida foreclosure starts increased 16 percent from a year ago in July following 10 consecutive months of year-over-year decreases, helping the state maintain the nation’s top foreclosure rate for the fifth month in a row. One in every 408 Florida housing units had a foreclosure filing in July — more than 2.5 times then national average.
Eight Florida metros were in the top 10 for foreclosure rates in July: Jacksonville (one in every 310 housing units with a foreclosure filing), Miami (one in every 339 housing units), Lakeland-Winter Haven (one in every 349 housing units), Deltona-Daytona Beach-Ormond (one in every 358 housing units), Tampa (one in every 375 housing units), Port St. Lucie (one in every 410 housing units), Orlando (one in every 433 housing units), and Palm Bay-Melbourne-Titusville (one in every 437 housing units).
FORECLOSURE FILINGS FOR FLORIDA
The number of new foreclosure filings by foreclosure type.
FORECLOSURE ACTIVITY FOR FLORIDA
The number of new foreclosure filings compared to the 30-year interest rate.