The Real Deal Miami

A third of U.S. owner-vacated properties in Florida

The Miami metropolitan area saw the second-highest number of owner-vacated foreclosure properties behind Chicago
June 21, 2013 01:00PM

Daren Blomquist

Florida has the highest number of owner-vacated foreclosure properties of any U.S. state, Irvine, Calif.-based RealtyTrac said in a report released this week.

Of the 167,680 owner-vacated foreclosure properties nationwide as of this month, 55,503, or 33 percent of the national total, were in Florida, the report showed.

The Miami metropolitan area is experiencing the second-highest rate of owner-vacated foreclosure properties, with 13,901 recorded to date, only behind metro Chicago, which had 14,717 as of June.

Efforts to slow down unnecessary foreclosures have contributed to an acute inventory shortage, RealtyTrac spokesman Daren Blomquist said.

Earlier this month Florida’s governor signed a controversial bill into law aimed at speeding up the foreclosure review process in the state, following the passage of similar laws in Illinois and New Jersey.

“These laws should help provide some extra supply and possibly help reduce the threat of another housing price bubble forming in these markets,” Blomquist said.

Florida resumed its reign at the top of the nation’s foreclosure rankings in May, as The Real Deal previously reported. Nevada took the top spot in April, ending Florida’s six-month streak.

In the Sunshine State, one in every 302 homes was in some stage of repossession last month, according to RealtyTrac. That’s about three times the national average. —Emily Schmall