Florida ranks second in foreclosure activity nationally with auctions ramping up
Foreclosure auctions hit a 30-month high in April nationwide and jumped 55 percent in Florida from last year as banks and courts move more quickly to repossess homes.
The pace of auctions last month was the highest it has been since lenders temporarily halted foreclosures in the fall of 2010 when instances of widespread robo-signing and fraud were discovered, according to a new report from the Irvine, Calif.-based RealtyTrac.
Foreclosure auctions are the second stage of the foreclosure process and are one of three filings measured by RealtyTrac, including the initial default notice and the final bank takeover.
RealtyTrac Vice President Daren Blomquist said lenders are more confident in moving forward with foreclosures following last year’s National Mortgage Settlement, which outlined the process they need to follow.
“They know what the ground rules are,” Blomquist said about the banks. “I think we’ve reached a point where the cloudiness surrounding the foreclosure process has been cleared up.”