Florida is still the foreclosure state.
Florida posted the highest foreclosure rate in the nation for the eleventh consecutive month in August, according to RealtyTrac. One in every 400 Florida homes received some type of foreclosure filing during the month.
Experts say the sheer magnitude of Florida’s housing debacle is the key reason its foreclosure rate remains so high. In addition, the state handles foreclosures through often-protracted court proceedings, rather than through the administrative proceedings used in some other states.
The Miami area had the highest foreclosure rate among the nation’s 20 largest metropolitan areas, with one in every 359 homes receiving some type of filing in August, the Irvine, Calif.-based real estate data firm said. The firm tracks default notices, scheduled auctions, and bank repossessions.
Florida’s foreclosure activity in August was nearly three times the U.S. rate in which one in every 1,126 homes received some type of filing.
In Florida, foreclosure starts rose 74 percent in August from July and increased 24 percent from August 2013, marking the first year-over-year increase in new foreclosures filed after 17 consecutive months of year-over-year decreases, RealtyTrac said. Even so, Florida’s overall foreclosure rate fell down 3.9 percent from August 2013.
For August, Nevada, Maryland, New Jersey and Georiga posted the highest state foreclosure rates behind No. 1 Florida.