Fla.’s foreclosures down 17% in 3rd quarter

                                                                  
                        
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Fla.’s foreclosures down 17% in 3rd quarter

 
IRVINE, Calif. – Oct. 15, 2015 – According to the third quarter foreclosure report issued by RealtyTrac, Florida is clearly on the way to recovery as the number of foreclosure starts drops 28 percent and the number of auctions declines 46 percent year-to year. Overall, Florida foreclosure activity in the third quarter decreased 17 percent year-to-year.
However, the number of homes that have completed the foreclosure process – ones now owned by banks, or REOs – increased 34 percent year-to-year.
The state still has the second-highest foreclosure rate in the nation, RealtyTrac finds, but part of the reason is a recovery across the U.S.
Five Florida cities posted third quarter foreclosure rates among the 10 highest in the nation: Jacksonville at No. 2 (one in every 153 housing units with a foreclosure filing); Deltona-Daytona Beach-Ormond Beach at No. 3 (one in every 155); Tampa-St. Petersburg-Clearwater at No. 4 (one in every 162); Miami-Fort Lauderdale-West Palm Beach at No. 5 (one in every 162); Lakeland-Winter Haven at No. 7 (one in every 176); and Ocala at No. 8 (one in every 179).
RealtyTrac posted an interactive Florida map on its website that shows a county-by-county breakdown of foreclosure activity.
National foreclosure numbers
RealtyTrac's Q3 and September 2015 U.S. Foreclosure Market Report found a total of 327,258 U.S. properties with foreclosure filings – default notices, scheduled auctions and bank repossessions – in the third quarter of 2015, down 5 percent from the previous quarter but up 3 percent year-to-year.
It was the second consecutive quarter where U.S. foreclosure activity increased on a year-over-year basis following 19 consecutive quarters of year-over-year decreases.
The number of U.S. properties starting the foreclosure process fell 12 percent quarter-to-quarter and 14 percent year-to-year. The number that completed the process and are now owned by banks dropped by less than 1 percent quarter-to-quarter, but it rose 66 percent year-to-year. RealtyTrac says it's the largest year-over-year increase in bank repossessions since it began tracking quarterly foreclosure activity in the first quarter of 2008.
"The widespread rise … is the result of two starkly different trends taking place," says Daren Blomquist, vice president at RealtyTrac. He says "deferred distress" in some states like New Jersey, Massachusetts and New York is now increasing. "On the other hand, in states such as Texas, Michigan and Washington, the third quarter increases are a sign that the foreclosure market has settled into a normalized pattern close to, or even below, pre-crisis levels."
© 2015 Florida Realtors®  

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