After a survey conducted in 366 metropolitan regions in the United States, a national analysis report has been published last week which shows that the greater Miami region is contributing the maximum number of foreclosure cases in the country. This region has increased the percentage of nationwide foreclosure by a significant value.
There are many sub-prime loans in Florida and due to the ups and downs in the home values in the real estate market of this region lenders are taking a long time to complete a foreclosure case. On an average, the foreclosure process is completed in two years or more here.
Foreclosure Response.org is a Washington – based company which maintains the statistics of the country’s real estate industry. According to this company, Pompano Beach, Fort Lauderdale and Miami-Dade are the regions which had the maximum number of foreclosure cases and also had the maximum number of delinquent borrowers last December.
In that month, the foreclosure rate in Miami was 18.9% and when the rate of three-month old delinquent loans was included, the rate moved up to 23.6%. On an average, this rate represents one mortgage in every four housing units. The cities in Florida occupied all the nine positions among the top ten regions with the highest number of delinquency and foreclosure cases in December 2011.
In the list, Miami was at top position with Port St. Lucie in second position. The rate in this region was 16.7% which was followed by Palm Coast with 16.6%, Tampa with 15.9%, and the fifth position was occupied by Orlando with 15.6%.
According to this report, “The high and growing foreclosure rate reflects a buildup of homes that are stalled in the foreclosure process. According to data from LPS Applied Analytics, foreclosure starts continue to outpace foreclosure sales and the foreclosure rate will remain high until these properties fully complete the foreclosure process.”
In comparison to 100 other areas, the foreclosure rate in Florida was nearly thrice the rate of those areas. When Miami had 5.9%, some of the large cities had lows of 1.8%. Compared to the nationwide average, other Florida cities had much higher rates – Orlando had 5.4% while Jacksonville was 5.1%.
Similar to many other US cities, the metropolitan regions in Florida also experienced a spike in foreclosures over the last few years and this trend may also continue in coming years because new as well as pending foreclosure cases have started to move to courthouses to be processed.
Photo by Renjith Krishnan.
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