Florida leads U.S. with most foreclosures in 2014

Miami /
Jan.January 15, 2015 09:45 AM

Florida had the nation’s highest foreclosure rate in 2014, according to Realty Trac’s just-released year-end 2014 U.S. foreclosure market report.

In Florida, 2.3 percent of all housing units had a foreclosure filing last year, RealtyTrac’s data shows. Other top states were New Jersey, Maryland, Illinois and Nevada.

Among major cities, Miami came in second for foreclosures in 2014, at 2.79 percent of housing units. Only Atlantic City surpassed Miami, with 3.06 percent. Three other Florida metropolitan areas followed: Orlando, Palm Bay-Melbourne-Titusville  and Tampa.

The Sunshine State also ranked among the states with the longest average time to foreclose in the fourth quarter. Florida came in third at 946 days, following Hawaii and New Jersey at more than 1,000 days.

Florida has led the nation with the highest foreclosure rate since 2012. Nevada had the distinction in 2011, RealtyTrac said.

“South Florida is in the fourth quarter of our foreclosure cleanup. Since 2007, we have seen 27 percent of our housing units hit with a foreclosure notice, peaking in 2009 and 2010. Due to the lengthy judicial foreclosure system in the state and the severity of the crisis the tail of this market has been elongated,” said Mike Pappas, CEO and president of the Keyes Company, in a statement. “It is encouraging to look in the rear view mirror and see us at the other side of the bell curve with foreclosure notices in 2014 nearing 2007 levels. Hopefully, we can put the last nail in this foreclosure coffin and end 2015 at pre-recession numbers.”

Nationwide,  foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1.1 milion U.S. properties in 2014, down 18 percent from 2013, and down 61 percent from the peak of 2.9 million properties with foreclosure filings in 2010.

 

Related Articles

arrow_forward_ios
Variety Hotel (iStock)
Miami Beach hotel heads to foreclosure auction
Miami Beach hotel heads to foreclosure auction
Developer Louis Birdman (One Thousand Museum, Getty)
One Thousand Museum developers score $90M refi to stave off foreclosure
One Thousand Museum developers score $90M refi to stave off foreclosure
A rendering of the the property at 3601 North Miami Avenue and HES Group CEO Francisco Arocha (Photos via HES, Francisco Arocha)
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Simon and David Reuben with One Thousand Museum (Getty, iStock)
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Clockwise: 310-318 Northwest 25th Street, Chaim Cahane, Jonathon Yormak and Jon Krasner 
Wynwood developer sells retail property in foreclosure for $12M
Wynwood developer sells retail property in foreclosure for $12M
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Southland Mall in Cutler Bay (Google Maps)
Lender takes control of struggling Southland Mall in Cutler Bay
Lender takes control of struggling Southland Mall in Cutler Bay
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...