Foreclosures are heading down in the Sunshine State
It’s the classic “good news/bad news” scenario.
At the halfway point of the year, Florida has the nation’s highest foreclosure rate, but there is reason for optimism – new cases appear to be on the decline, according to Realty Trac. The report indicates that one in 58 homes in Florida are facing foreclosure.
Palm Beach, Broward, and Miami-Dade counties posted the highest foreclosure rate among metro areas – one in 43 homes are in some “stage of distress.”
The good news? Florida has one of the country’s longest timelines for foreclosure, taking an average of 907 days. Only New York and New Jersey (1,033) have longer delays.
More good news: While foreclosures remain elevated in Florida, new filings fell 23 percent in June from a year ago, RealtyTrac said. New cases in South Florida dropped 17 percent.
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