Foreclosure Rate is Slowing in Fla.

Written by Allison Slusher

Florida consistently heads the U.S. in foreclosures; however, that rate is steadily dropping. Lenders finalized 97,740 foreclosures during the year in July in Florida, which is close to 25,000 less than last year. Florida still accounts for 1/5 of foreclosures throughout the nation in the last year.

The fraction of mortgaged properties in any sort of foreclosure stage was at 2.6% in July, third to NY and NJ. That fraction is lowered from 4.7% from last year, however it continues to be over 2x the rate in the nation. Throughout the U.S., finalized foreclosures have lowered by 24%, and the percentage has lowered by 28% , which is its lowest since Dec. 09.

"Job market and price of property increases allow foreclosure rates to fall” says an economist. “Property prices gained 7% from previous years, creating equity for property owners.” 6% of Florida mortgages are at least 90 days delinquent, making Florida the 3rd highest in the U.S. That rate is, however, down 9% from the previous year. The national average is 3.5%.