It seems as though people in Florida just can’t get past the massive foreclosure filings that are keeping the state in the top spot for number of homes in the foreclosure process. For the eighth straight month, Florida holds that dubious distinction.
In the RealtyTrac report for May of 2014, the foreclosure filings were found to be at the lowest rate since December of 2006 when the nation as a whole is considered. Overall, the number of foreclosures in the nation fell 26 percent from the May of 2013.
While the foreclosure rate for May of 2014 is considerably lower than it was in May of 2013 in Florida, the state is still struggling with large numbers of foreclosures. In fact, out of the top 10 metropolitan areas on the list, eight of them are in Florida.
The RealtyTrac report says that one out of every 436 Florida homes is at some point in the foreclosure process. That rate is almost three times more than the national average.
In Palm Beach County, there were more homes repossessed by banks in May of this year than May of last year. Coincidentally, that area had one out of every 300 homes in some state of foreclosure, which is four times the national average.
For those who are facing foreclosure, knowing that others are in same boat might not provide much comfort. It is important to take action to stop foreclosure as soon as possible when you learn about the proceedings. Knowing your options and your rights might help you to save your home.
Source: The Palm Beach Post, “Florida first in foreclosures for eighth straight month” Kim Miller, Jun. 10, 2014