Florida’s Foreclosure Rate More Than Three Times the National Average
Florida’s foreclosure rate more than three times the national average
If there is a ground zero for the nation’s foreclosure crisis last month, South Florida is it.
Palm Beach, Broward and Miami-Dade counties were ranked the highest metro region in the nation for foreclosure activity in February, while the state as a whole took the top spot for the sixth consecutive month.
With one in every 282 homes receiving a foreclosure notice last month, Florida’s foreclosure rate was more than three times the national average, according to a report from the market research firm RealtyTrac.
The report, released today, measures three types of filings — initial notices of foreclosure, notices of a foreclosure sale, and final bank repossession.
In Florida, the number of homeowners falling into foreclosure for the first time was up 13 percent from the same time in 2012 and up 16 percent from January. Bank repossessions were down statewide by 10 percent from the previous year and 11 percent from January.