There were about 118,000 foreclosures in Florida between October 2013 and October 2014 – more than a fifth of the national total.
Florida’s foreclosure inventory rate fell to 4.1 percent in October, the lowest it’s been in several years, according to a report from CoreLogic, a real estate tracking firm.
The rate has dropped three percentage points since October of last year, when 7.1 percent of mortgaged homes in Florida were undergoing foreclosure. But it’s still above the national average of 1.6 percent. Florida and New York are tied for the second-highest rate, behind New Jersey, which has a rate of 5.5 percent.
Almost 118,000 foreclosures were completed in Florida between October 2013 and October 2014, a slight increase from the 115,000 foreclosures during the same span a year earlier, according to the CoreLogic report. In the 12 months ending in October, Florida’s foreclosures comprised more than a fifth of the national total of 561,000.
Florida’s foreclosure inventory rate remains high because the state was hit especially hard by the housing crisis, said William Hardin, director of the Hollo School of Real Estate at Florida International University. Also, foreclosures take longer to work their way through the system here than in most other states, he said.
Over the past few years, though, Florida’s rate has dropped faster than the national rate. Hardin said that could be because underwriting standards for mortgages in Florida became so high after the housing crisis.
“There was an 8-year period when there weren’t a lot of mortgages originating,” he said.
The CoreLogic report also states that 8.4 percent of Florida’s mortgaged homes were at least 90 days behind in their payments. That’s down from 11.6 percent in October 2013, but double the national rate of 4.2 percent.
In October, one of every 400 housing units in Duval County were undergoing a foreclosure, according to a report from RealtyTrac, a real estate tracking firm. That’s above the Florida rate of one in 444 housing units.
In Saint Johns County, one in 818 housing units went through foreclosure; in Clay, one in 335; in Baker, one in 642; and in Nassau, one in 583, according to the RealtyTrac report.
Dane Leslie, a realtor at Watson Realty Corp. in Mandarin, said he’s seen a big drop in foreclosures in the Jacksonville area over the past few years. Around 2010 and 2011, about four or five of every 10 houses his firm listed were short sales — houses that lenders have accepted as payments for debts, even though they’re worth less than the debts. Today, about one of every 10 houses are, Leslie said.
“That’s a huge reduction, but we still have a ways to go,” he said.
Richard Webner: (904) 359-4370
The original article can be found here: http://jacksonville.com/business/2014-12-04/story/floridas-foreclosure-rate-continues-decline-remains-above-national-average