Florida Foreclosures Decline by 41,000 in One Year

Florida Foreclosures still rank at the top of the national heap when it comes to completed foreclosures.

Lenders closed on 66,071 Florida Foreclosures during the 12-month period ended in April, accounting for 14 percent of all seized properties in the U.S., data provider CoreLogic said.

That was nearly 20,000 more Florida foreclosures than second-place Michigan, but it was also 41,435 fewer than the previous year's foreclosures in Florida.

Florida Foreclosures tied for fourth in the total percentage of distressed properties, with 2.0 percent of the state's homes in some stage of the foreclosure process.

Florida foreclosure inventory is down from 2.9 percent over the year, but it remains nearly double the U.S. average of 1.1 percent.

Nationwide, 461,615 foreclosures were completed nationwide in past year.

When it comes to Florida foreclosures, 4.6 percent of all home mortgages are considered seriously delinquent – at least 90 days past due – which was the third highest rate in the nation. But that declined from 6.5 percent over the year.

Those homeowners are considered most at risk to fall into foreclosure.

The U.S. rate was 3.0 percent, the lowest level since October 2007.

"The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates," said Frank Nothaft, chief economist for CoreLogic. "Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point."

New Jersey led the nation with a foreclosure rate of 3.7 percent, followed by New York at 3.2 percent and Hawaii at 2.2 percent.

Copyright © 2016 Sarasota Herald-Tribune, Fla., John Hielscher. Distributed by Tribune Content Agency, LLC source