Bloomberg | Florida Defies Housing Rebound as Foreclosures Soar


FL Foreclosure

Florida Defies Housing Rebound as Foreclosures Soar

Florida’s foreclosure crisis just won’t end. More than six years after subprime lending and overbuilding led to the worst U.S. real estate slump, the state had the biggest increase in home seizures last year, and the highest foreclosure rate, RealtyTrac Inc. said.

One in every 32 Florida households received a notice of default, auction or repossession in 2012, more than double the average U.S. rate of one in 72, the Irvine, California-based data seller said today in a report. Home repossessions increased by 16,276 during the year to 84,456, the biggest gain nationwide. Adding to the state’s woes is a backlog of foreclosures caused by a required court review of each case.

“Florida has had the worst problem the whole time, the combination of speculation and a run-up in prices and a judicial timeline that makes foreclosure sales take much longer,”Herb Blecher, senior vice president at mortgage-data provider Lender Processing Services Inc., said in an interview. “Even though they’re progressing somewhat, there’s still a foreclosure bottleneck.”

Florida, one of four so-called sand states that had the biggest booms before crashing, is the last of the group including California, Nevada and Arizona to rebound. While the S&P/Case-Shiller home-price index for 20 U.S. cities surged 4.3 percent in October from a year earlier, the Miami and Tampa metropolitan areas in Florida were laggards among the component members “and have not recovered much so far,” according to index chairman David Blitzer.

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3 Responses to “Bloomberg | Florida Defies Housing Rebound as Foreclosures Soar”
  1. Wendell howard says:

    Anyone involved in the Nationstar, Ocwen, Greentree mortgage fraud scandal? Join us on Facebook at Nationstar Mortgage Victims. Start your search engines an begin viewing Nationstar, Jay Bray…Or simply search through the Attorney generals website!

  2. neidermeyer says:

    WE’RE #1 , WE’RE #1 WE’RE #1 ! ! ! ! ! !

    Florida is a very low wage state ,,, people need a place to live and quite simply we paid what we had to to buy a home in 1998-2007 … Our prices were driven by foreign buyers , Northerners buying winter homes and a huge influx of Mexicans into permanent housing instead of living 6 to a bedroom in rentals or dilapidated mobile homes ,, that last one sucked up all the low priced housing and forced people up the ladder… “luckily” brokers and originators were more than willing to falsify almost any application to qualify you … Needless to say these buyers are long gone and selling the excess housing is impossible because the wages are even lower now and people have higher expenses .. THANKS! Obama. Love the Taxes , Love the Obamacare ….

  3. bobbi swann says:

    The way this article reads is that the fact that Florida is a judicial state, along with a few others, is the key factor in why our recovery is so slow. What they fail to even tout in the article is that Florida also has one of the highest rates of “FRAUD”, which, by the way, is rarely uncovered in non-judicial state proceedings, in the U.S. Here agin, these reporters do not stick to all the facts, only those that they choose will bring the best headlines!! And we all know that politicians don’t read anything…..they have ‘assistants’ to do that for them and then have the lobbyists pay them for their ignorance! Notice that some of this information is coming from, who other than the righteous LENDER PROCESSING SERVICES (LPS)??? Oh yeah, like they don’t have a closet full of skeletons!

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