It seems that Florida’s foreclosure problem is far from over. In its April report, RealtyTrac said that Florida ranked number 2 among states with the highest number of foreclosed home for sale.
The state registered a 37 percent increase in foreclosure activity. Foreclosures affected 64,588 properties or one per 135 houses. Industry experts believed that the jump in the number of foreclosed home for sale was a result of an increase in notices of default and auction.
Florida’s annual foreclosure rate saw an increase of 75 percent. On a positive note, bank foreclosures declined by 7 percent in April from March.
A look at foreclosure activities in various areas in Florida showed that Broward County’s April rate increased by 124 percent making it the third highest nationwide among metropolitan areas. The county registered 10,305 foreclosure properties or one per 78 homes.
In Miami-Dade, the number of foreclosed home for sale jumped by 111 percent compared with March figures, making it the fourth highest in terms of foreclosure activity with one per 86 homes facing repossession.
Palm Beach’s foreclosure rate also increased by 88 percent or one per 224 homes facing repossession, garnering the county the 27th ranking.
Meanwhile, Orlando got the number 10 position in the list of cities with the highest foreclosed home for sale. Ranking second in the country is Fort Myers-Cape Coral which registered a 31 percent increase or one in every 57 homes facing foreclosure.
Nationwide, foreclosure activity increased by 32 percent compared with the figures in April 2008. According to RealtyTrac, one per 374 home loan borrowers was facing foreclosure proceedings. Foreclosure filings were reportedly made on 342,038 properties.
Aside from Florida, other states hardest hit by the foreclosure crisis are Nevada, California, Arizona, Idaho, Utah, Georgia, Illinois, Colorado and Ohio.
Nevada registered the highest foreclosure activity despite the drop in filings by 18 percent and bank foreclosures by 44 percent. One per 68 homeowners has received foreclosure filing and year-over-year rate showed an increase of 111 percent in the number of foreclosed home for sale.
Just like Florida, Nevada also suffers from an oversupply of abandoned and vacant foreclosure properties.
Meanwhile, following Florida in the ranking is California with one per 138 homeowners facing foreclosure. Arizona comes in fourth with one per 164 properties in danger of becoming a foreclosed home for sale.
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