The Real Deal Miami

Report: Florida foreclosure rates down, still tops US

Florida ranked highest with more than 50K foreclosed homes this quarter

April 16, 2015 09:45AM

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A graph of foreclosures for the United States (Credit: RealtyTrac)

A graph of foreclosures for the United States (Credit: RealtyTrac)

Foreclosure rates for the first quarter of 2015 are down in Florida and throughout the United States, according to a RealtyTrac report released today. 

The report looked at foreclosure filings from default notices, forced auctions and bank repossessions.

Out of the 313,487 homes that were foreclosed in the U.S. during the first quarter of this year, Florida represented the most with 50,683. However, foreclosure rates in the state are down 27 percent compared to the first quarter of 2014, according to the report.

“Although they are dwindling, the REO opportunities are not gone yet; for the astute investors and buyers, there are still some REO and distressed opportunities in the South Florida market,” said Mike Pappas, president the South Florida-based Keyes Company, in a statement.  “This is as healthy a market as we have seen since the boom.”

The national decrease is in spite of a jump in foreclosures during March, where the rate shot up 11 percent from the month before. Most of these new filings were bank repossessions, which increased almost 50 percent from the previous month to 36,152 nationally.

Maryland, Nevada, Illinois and New Jersey closely Florida. — Sean Stewart-Muniz