In October, Florida Had The Most REO’s In The Country
Written by Emil Fleysher | November 21, 2014 | Foreclosure
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. There were 4,905 properties repossessed by banks in Florida, 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 REO’s in October. Although The Sunshine State leads with the highest number of REOs in October, it has declines 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 comparing 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 less 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 lands 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, followed by Orlando with 1 in ever 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.
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