“There were approximately 6,300 less active foreclosures in Florida from July through September when compared to data collected between April to June 2012. That’s a positive sign for a state that was among the hardest-hit by the mortgage meltdown."
Boca Raton, Florida (PRWEB) January 02, 2013
Foreclosure.com analyzed data that compared active Florida foreclosure totals from the second and third quarters of 2012, revealing that the “Sunshine State” had 4.9 percent fewer homes in some stage of default.
“There were approximately 6,300 less active foreclosures in Florida from July through September when compared to data collected between April to June 2012,” said Foreclosure.com Vice President James Houston. “That’s a positive sign for a state that was among the hardest-hit by the mortgage meltdown and one that has struggled for years to rebound even modestly.”
Houston credits bulk investment buyers – private equity funds, hedge funds and Real Estate Investment Trusts (REITs) -- as a primary reason the Florida foreclosure inventory dipped. Online auctions, which have been successful particularly in South Florida, are also a key factor in moving foreclosed homes off the market quicker.
Despite the positive signs of improvement, Houston warns that foreclosures still occur frequently each day throughout the state. And, unsurprisingly, it happens most in the state’s biggest cities such as (in order of frequency) Miami, Orlando, Jacksonville, Tampa and Naples.
West Palm Beach was the city that improved the most statewide, reducing its inventory by nearly 50 percent, while Port St. Lucie continued to struggle, increasing its amount of distressed homes by nearly 89 percent.
Here are the most (and least) improved cities in Florida (Q2 vs. Q3 2012):
**Note: Only cities with a minimum of 100 active foreclosures in both quarters were analyzed**
Top 5 Cities
West Palm Beach -49.4%
North Miami Beach -44.87%
Beverly Hills -33.81%
Lake Placid -31.75%
North Lauderdale -30.69%
Worst 5 Cities
Port St. Lucie +88.82%
Lake Mary +29.38
Foreclosure.com has also posted a helpful Florida foreclosures infographic that illustrates the data above – and more – in chart form at http://www.foreclosure.com/articlecenter/category/foreclosure-infographics.
For more information on Florida foreclosures, including the rankings of specific cities based on percentage of Q2 vs. Q3 2012 improvement or otherwise, please contact Thomas Myers at (561) 988-9669 ext. 7381 or tmyers(at)foreclosure(dot)com.