In addition, U.S. foreclosure starts hit a 79-month low, decreasing 11 percent from last month and decreasing 28 percent from January of 2012.
RealtyTrac Foreclosure Market Report Findings
What else was important from the foreclosure market report?
- REOs decreased five percent from last month and decreased 24 percent from January of 2012. This has been the lowest level since February of 2008.
- Scheduled foreclosure auctions increased from last month in 26 states and Washington D.C.
- For the first time since 2007, California did not have the largest amount of foreclosure filings of any state–this year, Florida took that distinction.
- The 10 states with the highest foreclosure rates are Florida (one in every 300 housing units), Nevada (one in every 344 housing units), Illinois (one in every 375 housing units), Arizona (one in every 501 housing units), Georgia (one in every 513 housing units), Ohio (one in every 612 housing units), Washington (one in every 674 housing units), California (one in every 753 housing units), Indiana (one in every 784 housing units) and Michigan (one in every 837 housing units).
Foreclosure Starts at Home
Despite the fact that foreclosure starts were down on a year-to-year basis, Florida became the state with the highest foreclosure rate for the fifth month in a row. At one in every 300 housing units with a foreclosure filing, this is more than twice the national average. Foreclosure activity increased on an annual basis for the 11th time in the last 13 months. 29,800 Florida properties had a foreclosure filing this month, increasing 12 percent from the previous month and 20 percent from January of 2012.
The report concludes that Ocala is the city with the nation’s highest foreclosure rate, with one in every 223 housing units with a foreclosure filing. Five other Florida cities cracked the top ten this year: Miami was No. 2 (one in every 228 housing units), Orlando at No. 3 (one in every 241 housing units), Jacksonville at No. 8 (one in every 301 housing units), Tampa at No. 9 (one in every 307 housing units), and Lakeland at No. 10 (one in every 332 housing units).
However, the general Florida housing market is vastly improving. Broker associate Christopher Zoller of EWM, Inc. has not seen many foreclosures in his market (the Miami/Fourt Lauderdale suburbs), and says there has been a slow-down of the foreclosure rate last month.
“We expect we will continue to see a steady flow, but not a huge tidal wave,” he said. “People and banks are working on their loans.” Zoller also mentioned that the median sales price has jumped 25 percent, proving that the foreclosures aren’t affecting sales prices at all.
So despite the reported high foreclosure rate, it appears as though Miami is doing fine in the real estate market.