The Real Deal Miami

Once again, Florida tops in U.S. foreclosures

Rate for state three times the national average
March 13, 2014 11:00AM

foreclosure-1-1In February, Florida continued its streak as the No. 1 state in the nation for foreclosure activity, according to RealtyTrac.

Florida’s foreclosure activity fell 24 percent, year-over-year. Even still, that means that one in every 372 residences in the state received either an initial filing, auction notice, or lender repossession — a rate more than three times the national average, according to the Miami Herald.

Florida also ranked third in terms of the average time it takes to move a foreclosure through the system — 1,095 days on average. Only Arkansas, averaging 1,128 days, and Hawaii, averaging 1,112 days, took longer to resolve foreclosures, RealtyTrac data cited by the Herald said.

The area encompassing Miami, Fort Lauderdale and Pompano Beach, however, saw foreclosure activity fall 33 percent in February compared to the same month last year, and was down 27 percent from January 2014. [Miami Herald]Christopher Cameron