0
0
0

Florida Still Feeling the Foreclosure Blues

by admin

A CoreLogic-produced map of Miami's foreclosure blues.

New data from CoreLogic released yesterday shows an ever-present foreclosure market in Florida, evidence that the state is still feeling the blues (or reds, based on the chart) when it comes to distressed properties.

According to a Real Deal analysis of the data, the statewide foreclosure rate for Florida in October 2011 was 12.32 percent, compared to 3.51 percent nationally. The rate in Miami was 18.23 percent, a one-tenth of a percent decline from September, while the entire Miami-Miami Beach-Kendall area stod at 18.13 percent, an year-over-year increase from 17.57 percent.

Real Deal notes, though, that not all parts of Florida real estate resemble Miami.

“The rest of South Florida isn’t faring nearly as poorly, as Broward’s foreclosure rate was 14.45 percent in October and Palm Beach’s was 12.84 percent, each roughly unchanged from October 2010,” wrote Adam Fusfeld.

Fusfeld also points out that 25.14 percent of Miami-area mortgages are seriously delinquent, which is much higher than the national average of 7.2 percent and even Florida’s average of 17.45 percent.

“There is little relief in sight for foreclosures in the area,” Fusfeld wrote.

In addition to CoreLogic’s data, Foreclosure-Response.org recently completed a detailed map of the U.S. showing quarterly mortgage delinquencies, and unsurprisingly, there is lots of red in Florida. In fact, according to an Atlantic Cities story on the map, 15 of the 25 metropolitan areas with the highest rates of serious delinquency are in Florida, and when foreclosure rates are assessed, 17 of the top 25 are in Florida.

Read More Related to This Post

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.