Florida has nation’s top foreclosure rate: report

Florida’s foreclosure rate of 12 percent is the highest in the nation, according to data released today by CoreLogic. A total of 86,735 foreclosures were completed in the state from February 2011 to February 2012, also the highest number in the country. That was despite the foreclosure freeze brought upon by the document scandal at the end of 2010. There were a total of 65,000 foreclosures completed last month. Approximately 1.4 million homes nationwide with a mortgage were in the foreclosure inventory, or 3.4 percent.  “The pace of completed foreclosures is down slightly compared to January, running at an annualized pace of 670,000, but compares favorably to the pace of completed foreclosures in February a year ago,” said Mark Fleming, chief economist for CoreLogic. “Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February.” — Alexander Britell