Florida first in foreclosure woe for fifth straight month
Florida ranked first in foreclosure activity for the fifth consecutive month in January as new mortgage defaults and foreclosure auctions skyrocketed in Palm Beach County.
New foreclosure in the county filings were up 64 percent in January from December and saw an increase of 60 percent compared to the same time last year. Notices that a home was going to a foreclosure sale increased a whopping 105 percent from December and jumped 50 percent from last year.
Florida’s dubious distinction as the top-ranked state is partly because of new legislation in California that slowed down foreclosures there after banks were required to follow specific rules or face fines, according to RealtyTrac, which released its January foreclosure report today.