Foreclosure Rates Still High in Some Florida Cities

The real estate market might be on the rebound for most of the United States, but in some cities foreclosure rates are still on the rise. According to the January 2014 U.S. Foreclosure Market Report™ recently released by RealtyTrac®, default notices, scheduled auctions and bank repossessions were up by 8 percent. While this is an increase from December 2013, it is still lower than it was in January 2013.

It is no surprise that foreclosure activity would rebound in January, since things tend to become quiet over the holidays. However, RealtyTrac reported that the 8 percent increase seen in January is the largest since May 2012. Even with this increase, the foreclosure rates for the entire country is still on the decline and has been for the past 40 months.

Florida One of Top States for Foreclosures

While the population in Florida may be growing, so are its foreclosure rates. In January alone Florida reported an increase of 19 percent. However, this is still lower than it was last year at this same time.

Florida was reported to have one of the highest rates of foreclosures in the country, along with New Jersey, Nevada, Maryland and Illinois. What’s more is that two of the 20 most populated metropolitan cities in the U.S. with the highest foreclosure rates are found in the state of Florida. These two cities include Miami and Tampa.

Foreclosure fast track legislation, passed in July 2013, is helping to reduce Florida’s foreclosure rates somewhat, but even with this new law, Florida still boosts the highest rate in the U.S.

Florida Foreclosure January Stats
Starts – 43% increase from December (down 33% from last year)
Scheduled – 28% increase from December (up 28% from last year, highest since October 2010)

Florida Ranks Highest for Foreclosure Rates in Cities with 200,000+

For residents of Florida cities with populations of 200,000 or more, foreclosures are still at an all time high. In fact, 8 of the top 10 cities in this category were in Florida. The RealtyTrac showed Port St. Lucie at the top of the rankings, with a reported high of five times the national average for foreclosure fillings.

The other eight Florida cities in the top 10 ranking, include:
#2 Miami – one in 239 housing units with foreclosure fillings
#3 Palm Bay-Melbourne-Titusville – one in every 279 housing units with foreclosure fillings
#4 Lakeland – one in every 294 housing units with foreclosure fillings
#5 Ocala – one in every 330 housing units with foreclosure fillings
#6 Orlando – one in every 358 housing units with foreclosure fillings*
#7 Tampa – one in every 389 housing units with foreclosure fillings*
#9 Jacksonville– one in every 410 housing units with foreclosure fillings

*Foreclosure rates stayed the same from December to January

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Brian Davison
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I am the CEO of EquiAlt: real estate based alternative investment firm with activities in equity, debt and private equity. Since 2008, EquiAlt's management has demonstrated a high level of competence in hundreds of distressed asset transactions, recapitalized companies while lending on landmark Las Vegas projects.

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