By REAL ESTATE NEWS ‘It’s a disturbing trend.’ The rate of foreclosure starts in South Florida has spiked

‘It’s a disturbing trend.’ The rate of foreclosure starts in South Florida has spiked

Hurricanes have given Florida a break thus far this summer. But a stealthier kind of storm has already hit the state.

A new study by Attom Data Solutions shows Florida had one of the highest rates of foreclosure starts in the U.S. in July, compared to the same period last year. The report, which tracked foreclosure filings issued by county governments on single-family homes and condos, shows one in every 1,180 housing units in Florida — a 35 percent increase year-over-year — was subjected to a “lis pendens,” which is a filing by a bank warning of pending foreclosure activity due to late payment.

Only three other states — New Jersey, Delaware and Maryland — had higher rates of foreclosure starts.

The reasons for the surge differ by market. But the increase is not the start of a reprise of the 2008 financial crisis.

The rate of foreclosures in the U.S. is actually down to 0.5 percent, according to CoreLogic — the lowest since 2006.

But at a metropolitan level, the Attom study shows the number of foreclosure starts in Miami-Fort Lauderdale-West Palm Beach jumped 29 percent in July — the third consecutive month of year-over-year spikes (starts went up four percent in May and 35 percent in June)…….more here

 

Click here for reuse options!
Copyright 2018 Hiram's 1555 Blog

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.