Real Estate Forclosure Trends in FloridaAugust 2, 2011
This year, in Florida there’s a recorded 52% fewer foreclosures as compared to last year where Florida held nine of the top 20 metro areas with the highest foreclosure rates. “These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country,” said RealtyTrac CEO, James Saccacio, whose firm reported earlier this month that the national forclosure rate fell 29% over the past 12 months.
South Florida’s Roy Oppenheim states that “we are not out of the woods yet! A second wave of Florida forclosures will hit in the third quarter of this year.” However, it is important to note that because the banks hold the inventory of forclosures, there no way to really know. Only the banks have a better handle on why those numbers are dropping and whether it is one issue or the other, or a combination of both. We just see the inventory come on the market, and what we’re seeing is the inventory selling.