Florida leads the states with the largest number of REOs, bank repossessions, in October 2014 according to RealtyTrac. Maryland, however, has taken the lead in the highest foreclose rates of the nation. Banks in Florida repossessed 4,905 properties. This is 2,000 less than that in California. Ohio came in third with 2,057, Illinois with 1,620, Maryland with 1,602. And, four more states with more than 1,000 REOs in October. Although The Sunshine State leads with the highest number of REOs in October, it has declined 13 percent from the previous month (5,628). And, an overall of 31 percent from October 2013 (7,310).
RealtyTrac’s data also shows that there has been a decrease in overall foreclosure activity in Florida from month to month; dropping by 2.19 percent and a 24.9 percent fall compared year to year. After 12 consecutive months leading the country with the highest foreclosure rate, October has finally put an end to Florida’s reign. .25 percent of homes in Maryland, that 1 in every 400 homes, were in foreclosure. Florida had .23 percent (1:444) of its homes throughout the state in foreclosure.
20,236 foreclosure filings were done in Florida for the month of October. California had nearly 6,000 fewer foreclosure filings (14,994) than Florida even though it has around five million more housing units. New York totals at about 8.1 million residential housing units which land it in third place. RealtyTrac reports that Florida has the four metropolitan areas that have the topmost foreclosure rates. Miami is in first place with 1:363 homes in foreclosure. Miami is followed by Orlando with 1 in every 394, Tampa third with 1 in every 395 homes going through foreclosure, and lastly Jacksonville at 1:433. However, each area did see a decline in foreclosure activity since October of 2013. Jacksonville had a 37 percent drop, Miami decreased by 27 percent, Tampa’s foreclosures dropped by 23 percent, and Orlando had a 13 percent decline.
If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
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