Florida Number 1 In Foreclosures

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According to a national report released by RealtyTrac, Florida edged out California for the second place in the national foreclosure rate, lagging behind only Nevada in the percentage of home mortgages in default. Florida’s November figure was 7.6 percent higher than November 2008 and 2.0 percent higher than October 2009.  One out of every 165 homes was in some stage of foreclosure proceedings.

Nationally, 306,627 homes, one out of every 447 homes, were in foreclosure, up 18.4 percent from November 2008. But the national rate represented the fourth straight month of national declines. James Saccacio, RealtyTrac chief executive, credited the drop to loan modification efforts and an extension of the federal first-time homebuyer program.  But long-term stability may be more elusive as the industry recovers from its worst slump in decades.

With 52,935 Florida properties receiving foreclosure statements, reversing a two-month trend of fewer defaults than the previous month.  Two Florida cities were among the top 10 metro areas in the nation. Cape Coral/Fort Myers held the 4th spot with one out of every 96 homes in foreclosures while Orlando/Kissimmee ranked 8th with one in every 120 homes in default.

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