According to Realty Trac, the City of Miami is topping the
list of the highest foreclosure rates in the nation. It seems that lenders are
returning to their habit of pre-robo signing with record pace with regards to
foreclosures.
Approximately 1 in every 79 houses in the Miami metro area
had a foreclosure filing within the first quarter to start off 2013. That is 3
times higher than the national average and the highest among metro areas. Miami
also topped Las Vegas which was ranked 4th in the country for the most
foreclosures, with approximately 1 in every 99 houses with a foreclosure
filing.
In the state of Florida, 6 other metro areas have made the
list for top 10 foreclosure areas in the country with Orlando at No. 2, with 1
in every 86 houses had a foreclosure filing. But filings since the first
quarter have gone down on a year over year basis, according to Condo Vultures.
Condo Vultures have also noted that foreclosure actions have
spiked by about 34 percent within the first quarter, but they were also down
from the same periods in 2010. The state of Florida proposed a provisional
moratorium on foreclosures until investigators took a look into allegations from
mortgage services, attorneys and others signed foreclosure documents.
Looking at data provided by Core Logic, the month of January
has indicated a 3 percent drop in foreclosure rates for S. Florida on a year
over year basis, this looks encouraging but this drop happens annually at the
start of each year.
The good news is that the real estate market is working out
its problem loans, but the bottom line still remains that workouts will
continue for some time.
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