Photo: Eric Fleming via Flickr
Foreclosures across the U.S. were down 16 per cent year-over-year in September, according to RealtyTrac’s latest foreclosure report. This was the lowest level in five-years.But Florida bucked the national trend with foreclosures rising 17 per cent from a year ago in September.
1 in every 318 homes received a foreclosure filing in September, making this the first time since April 2005 that Florida posted the nation’s highest foreclosure rate.
This follows on a CoreLogic report earlier this month that showed an 11 per cent increase in the state’s foreclosure inventory in August.
In judicial states like Florida, there are concerns that shadow inventory could continue to grow as it takes a long time for foreclosures to be approved.
And Daren Blomquist, vice president of RealtyTrac warned that “several states where the foreclosure flow was not so dammed up last year could see a roller-coaster pattern in foreclosure activity going forward because of recent legislation or court rulings that substantively change the rules to properly foreclose.”
Here are some of the ugly details via RealtyTrac:
- Florida’s foreclosure starts – the pace at which mortgages enter the foreclosure process – were up 24 per cent in September from a year ago. This was the 11th consecutive month of year-on-year increases.
- Florida’s bank repossessions were up 23 per cent on the year, rising for the ninth straight month.
- 1 in every 117 homes received a foreclosure filing in the third quarter, this is more than twice the national average of 1 in every 248 homes.
- Third quarter foreclosure activity was up 14 per cent year-on-year, and the third straight quarter of annual increases.
Florida wasn’t the only state that saw foreclosures pile up.