2012 Saw A NEW Worst State For Foreclosures


Photo: Matt Howard via Flickr

Florida had the nation’s highest foreclosure rate for the first time on record in 2012, with one in every 32 homes receiving a foreclosure filing last year, according to RealtyTrac’s latest foreclosure report.Nevada, which had for five consecutive years posted the nation’s highest foreclosure rate, fell to second place.

Both were above the national average foreclosure rate of one in every 72 homes receiving a foreclosure filing .

On a monthly basis Florida posted the highest rate in September.

“Florida is in more trouble than the northeast because the volume of foreclosures was so overwhelming, and the number of foreclosures that we’re talking about are more likely to hurt that market,”¬†Daren Blomquist vice president at RealtyTrac told Business Insider.

“On the other side there, in some markets of Florida there are some good underlying fundamentals that we’re starting to see. Especially in Miami just really strong demand from home buyers. People want to move in Florida. Buy in Florida it always has that going for it. Even foreign buyers and unemployment has come down.”

Here are some details from RealtyTrac:

  • Foreclosure activity in Florida was up 53 per cent year-over-year (YoY) in 2012.
  • 279,230 properties in Florida had a foreclosure filing during the year. This is down from 485K in 2010.
  • Florida also had the largest foreclosure inventory with 305,766 properties in some stage of foreclosure or bank owned. That is 20 per cent of the national foreclosure inventory.
  • The average time to foreclose declined for the second straight quarter to 853 days. This was above the national average of 414 days and the third highest average time to foreclose in the country.
  • Florida cities accounted for eight of the top 20 highest metro foreclosure rates in 2012, led by Miami with 3.71 per cent of housing units receiving a foreclosure filing. Palm Bay-Melbourne-Titusville and Orlando were also in the top 20.

This chart shows that in terms of foreclosure activity (as opposed to rate) Florida posted the second highest increase. New Jersey had the highest, up 55 per cent YoY:

U.S. foreclosure activity chart 2012

Photo: RealtyTrace


SEE ALSO: The 10 American Housing Markets That Made Tremendous Turnarounds In 2012 >

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