IRVINE, Calif. – July 16, 2015 — RealtyTrac’s Midyear 2015 U.S. Foreclosure Market Report finds that foreclosure starts in 19 states in the first half of 2015 were at or below their pre-crisis levels of 2006. Florida is included in that list, along with California, Arizona, Georgia and Illinois.
While fewer Florida homes entered the foreclosure process in the first half of the year, however, lenders continued to take possession of ones already in the process. Florida foreclosure activity in the first half of 2015 decreased 22 percent year-to-year, but it still had the nation’s highest foreclosure rate: 1.06 percent of housing units (one in every 95).
Bank repossessions in 2015 were above 2006 levels in 35 states, including Florida, California, Arizona, Illinois and Nevada.
“There is still a tail left in the liquidation of our distressed properties in Florida due to our ponderous judicial system,” says Mike Pappas, CEO and president of Keyes Company in South Florida. “However, our current robust market has muted the remnant REO noise.”
Eight Florida cities had foreclosure rates among the 10 highest in the first half of the year: Tampa at No. 2 (1.22 percent of housing units with a foreclosure filing); Lakeland at No. 3 (1.21 percent); Jacksonville at No. 4 (1.20 percent); Ocala at No. 5 (1.18 percent); Miami at No. 6 (1.15 percent); Orlando at No. 8 (1.07 percent); Deltona-Daytona-Beach-Ormond Beach at No. 9 (1.05 percent); and Crestview-Fort Walton Beach-Destin at No. 10 (0.97 percent).
Among the nation’s 20 largest metro areas, however, Miami ranked first in the “biggest decreases in foreclosure activity” ranking for the first half of 2015 year-to-year with a 30 percent decrease.
According to RealtyTrac, Florida ranked fifth nationally in the time it took for a home to complete the foreclosure process in the second quarter: 989 days. The top states were New Jersey (1,206 days), Hawaii (1,060), Montana (1,028) and New York (1,000).
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