Florida Ranks No. 2 in Foreclosures

11 09 2009

Florida had the second highest foreclosure rate in the nation behind only Nevada, with one in every 140 homes receiving some sort of foreclosure filing, according to RealtyTrac.

Florida was one of six states — joining California, Michigan, Nevada, Arizona and Illinois — that accounted for more than 60 percent of the nation’s total foreclosures.

Among metropolitan areas, the top foreclosure-ridden regions were dominated by California and topped by Las Vegas. Only two Florida metros were in the top 10 — Orlando-Kissimmee at No. 8 with one in every 87 houses in some form of foreclosure and Cape Coral-Fort Myers at No. 9 where one in every 88 homes received a foreclosure filing.

Nationwide, foreclosure rates were up nearly 18 percent with one in every 357 homes experiencing some level of foreclosure either from a default notice, scheduled auction or bank repossession.

More foreclosure homes are expected to hit the market in the next twelve months. In Jacksonville, one of three homes sold is a foreclosure property.

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