Florida foreclosure rates are highest in america
There were a total of 85,671 Florida properties with foreclosure filings in the first quarter, the most of any state and one in every 104 housing units — the nation’s highest state foreclosure rate and nearly three times the national average of one in every 296 housing units.
Florida foreclosure activity in the first quarter increased 7 percent from the previous quarter and was up 17 percent from the first quarter of 2012.
Nevada also saw activity increase by 13 percent (the nation’s second highest rate), although first quarter foreclosure activity in Nevada was still down 18 percent from a year ago. The quarterly increase was driven largely by a recent uptick in foreclosure starts.
Illinois foreclosure activity in the first quarter decreased 2 percent from the previous quarter and was down 5 percent from a year ago, but the state’s foreclosure rate — one in every 147 housing units with a foreclosure filing during the quarter — is still ranked third highest nationwide. The annual decrease in the first quarter followed four consecutive quarters with annual increases in Illinois foreclosure activity.
Other states with foreclosure rates ranking among the top 10 were Arizona (one in every 202 housing units with a foreclosure filing), Washington (one in 220 housing units), Maryland (one in 254 housing units), South Carolina (one in 254 housing units), and California (one in 266 housing units).
Nonetheless, bank repossessions of US property continues to drop, according to RealtyTrac. The firm’s latest report shows that foreclosure filings were reported on 152,500 U.S. properties in March, a decrease of 1 percent from the previous month and down 23 percent from March 2012.
The decrease in March helped drop first quarter foreclosure numbers to the lowest level since the second quarter of 2007. Foreclosure filings were reported on 442,117 U.S. properties in the first quarter, down 12 percent from the previous quarter and down 23 percent from the first quarter of 2012.
Lenders repossessed 43,597 properties nationwide in March, the lowest since September 2007. U.S. bank repossessions (REOs) in March decreased 3 percent from February and were down 21 percent from a year ago.
A total of 34 states reported annual decreases in REO activity in March, including Oregon (down 72 percent), Utah (down 71 percent), Massachusetts (down 61 percent), Michigan (down 56 percent), and Nevada (down 55 percent).
States bucking the national downward trend in REOs included Arkansas (up 121 percent annually in March), Maryland (up 114 percent), Washington (up 88 percent), Pennsylvania (up 41 percent), and Ohio (up 39 percent).
U.S. foreclosure starts increased 2 percent from February to March, the second straight monthly increase following three consecutive monthly decreases. There were a total of 73,113 foreclosure starts nationwide in March, still down 28 percent from a year ago.
“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off,” said Daren Blomquist, vice president at RealtyTrac.
“Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states.”