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Florida Q1 Foreclosure Filings Mixed

Posted by Benjamin Dona on Monday, May 3rd, 2010 at 8:06pm.

Florida 2010 1st Quarter Foreclosure FilingsWhile the national foreclosure rate rose by 16% year over year, 13 of the 25 markets that have traditionally seen the most foreclosures actually saw filings drop during the first quarter of this year.

The usual suspects still lead the nation with California, Florida, Nevada and Arizona continuing to account for nearly all of the top 25 foreclosure rates in the first quarter. California claimed 10 of the top spots, and Florida had nine. The Sarasota real estate market, which came in 21st on the list, saw filings rise nearly 30% during the first three months of the year. That's a rate of one foreclosure for every 61 housing units in the area. However, other leading Southwest Florida markets saw filings drop. The Cape Coral real estate and Fort Myers real estate markets saw foreclosure actions fall 26% and 25% respectively and the Naples real estate market saw filings decrease by 11%. Considering the Cape Coral-Fort Myers (a rate of one foreclosure for every 35 housing units) and Naples areas have been in the top ten for what seems like forever, the drop in filings are seen as a welcome respite.

Unfortunately, there were 544,000 foreclosure filings in Florida last year and it is estimated that 25% of Floridians with a mortgage are either in foreclosure or late (60 days) on their payments. So, the question remains. Is the decrease just an aberration or the start of a turn around? As with everything in this market, only time will tell.

SW Florida Foreclosed Properties

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3 Responses to "Florida Q1 Foreclosure Filings Mixed"

Moraira wrote:
It is always a worry in this business that when the market starts to improve after a long slump the banks start to take a harder view with struggling home owners. In the UK we have seen lenders wait for the market to improve and then take action. They see no point in taking back a property to put on the market when no one is buying. Hopefully this will not happen this time round but we wait and see...

Posted on Thursday, May 6th, 2010 at 1:51pm.

Pierre Batbatian - Montreal wrote:
Real estate is a cycle, things will eventually get better.

Posted on Monday, May 10th, 2010 at 1:52am.

Marc Knight wrote:
Let's hope the market turns around - I think things will get better from now onwards.

Posted on Wednesday, June 2nd, 2010 at 6:05am.

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