Florida Second in Nation for Foreclosures

Florida is known for its sunshine and now it’s in the national spotlight for a dubious distinction.

Florida is in the No. 2 spot nationwide for having the second highest foreclosure rate in the country in November. The sunshine state beat out California for the distinction. The statistics come from RealtyTrac, and are reported by the South Florida Business Journals.

That means one out of every 165 homes is receiving a foreclosure notice filed in November.

California is not far behind with the third-highest rate at one in every 180 housing units receiving a foreclosure notice in November.

Ahead of them all – Nevada – with one in every 119 housing units receiving a foreclosure notice in November, a number that is 3.5 times the national average.

For a while it looked as if things were improving. After two monthly decreases, the Florida foreclosure rate increased slightly in November. As for actual notices, RealtyTrac says that 52,935 Florida properties foreclosed, up eight percent from one year ago.

Areas especially hard hit include Cape Coral-Fort Myers, which came in fourth among metropolitan areas in Florida. The Orlando-Kissimmee area came in at No. 8; Miami-Fort Lauderdale-Pompano Beach was ranked at No. 13; and Palm Beach County ranked 18th with Broward County ranked fifth.

Four states have the worst foreclosure rate in the nation – Florida, California, Illinois and Michigan.

Loan modifications and an expanded homebuyer tax credit are supposed to be helping and are they are providing a brief respite.

The real key will be when unemployment numbers turn around and more Americans feel secure in their future and their future paycheck. The November jobless rate figures, just released recently, show 11.5 percent of the workforce without a job. The turnaround can’t happen too soon.

Source article: http://southflorida.bizjournals.com/southflorida/stories/2009/12/07/daily27.html?ana=tt3245