The Real Deal Miami

Florida tops United States in loans in foreclosure: report

November 18, 2011 09:35AM

More than 14 percent of loans in Florida were in foreclosure at the end
of the third quarter, the highest rate in the United States, according
to a report from the Mortgage Bankers Association. Just under 19 percent
of those loans were “seriously delinquent,” that is, more than 90 days
delinquent. The non-seasonally adjusted foreclosure inventory rate for
all loans in America last quarter was 4.43 percent, which was unchanged
from the previous quarter and four basis points higher than the third
quarter of 2010. The MBA’s report looked at 43.5 million first-lien
mortgages on one-to-four unit residential properties in the country.
Nationwide, the rate of foreclosure starts was up 1.08 percent in the
third quarter, a 12-basis point increase from the second quarter. — Alexander Britell