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Florida Foreclosures Drop to No. 2 Nationally

For a long time, Florida was king of foreclosures, holding steady at the unenviable No. 1 spot as the state with the highest rate of filings in the country.

Now, the crown goes to Nevada – at least for the month of August.

That month, one out of every 383 Florida residences received some type of foreclosure filing. With a total of 23,372 foreclosures in Florida, filings were down 14 percent from July and 15 percent from this time last year, according to data firm RealtyTrac.

Compare that to Nevada, where one out of ever 359 houses is in foreclosure, pushing it from the No. 6 spot to the No. 1 spot.

Of course, there is a clear ebb-and-flow to these figures, and there is almost a near certainty Florida will find itself once again in the top spot – not that it would be anything to cheer.

What is deemed a “foreclosure” in this case includes new filings, scheduled auctions and repossessions. The year-over-year decrease that we’re seeing here in Florida probably has to do with the fact that there is a 65 percent dip in new filings since 2005. However on the flip side, there was a nearly 40 percent spike in scheduled auctions and a nearly 50 percent increase in repossessions since this time last year.

Here in Miami-Dade County, officials report one in every 264 residences received some type of foreclosure filing last month. Although foreclosure activity as a whole dipped by nearly 20 percent from this time last year, that still puts us in an even worse position than Nevada.

In Broward, it was reported that one in every 372 residences had a foreclosure filing.

In the U.S., the average is one out of every 1,019.

In analyzing the recent downward trend, reporters at the Orlando Sentinel questioned whether it might be at least in part due to the passage of a new law designed to streamline lenders’ ability to repossess homes with overdue mortgage payments. Some officials say it will be at least six months before we see any tangible effect from the law. However, others say that the dip can be at least partially explained by the fact that the law had made it tougher for banks and mortgage servicers to prove that they control the loans – an element required by the legislation before those entities can proceed with a foreclosure.

Still, we might be able to expect a new wave of foreclosure filings, as many banks are reportedly beginning to ramp up their title-search prep work to establish ownership, the first step in filing a foreclosure action.

Ultimately, the new law is supposed to speed up the foreclosure process (at the expense, of course, of homeowners). And it will likely begin to do that sometime over the next year.

Our Miami foreclosure lawyers are concerned that once the filings again begin to pick up speed, the due process rights of homeowners are going to be trampled as the courts attempt to ram these cases as quickly as possible through the system. We stand prepared to help you fight back.

If you’re battling foreclosure in Miami or the surrounding areas contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991. Also, don’t miss Miami Foreclosure Attorney Bruce Jacobs on 880AM/the Biz, every Wednesday from 5 p.m. to 6 p.m. on “Mortgage Wars,” discussing foreclosure topics that matter to YOU.

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