Data Shows Dramatic U.S. Foreclosures Drop, while Florida struggles. Foreclosure filings in the United States are down 25 percent from a year ago, prompting speculation that housing markets may be returning to a semblance of normalcy.
U.S.-home-foreclosures.jpg “At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” said Daren Blomquist, vice president of RealtyTrac, which released the latest data.
However, the news was not all positive. Foreclosure starts in February increased 10 percent from the previous month after three consecutive monthly decreases. Foreclosure starts increased from the previous month in 32 states and were up from a year ago in 16 states, including Nevada, Maryland, Washington, New York and New Jersey.
Florida is still struggling with foreclosures, according to the data. The Sunshine State posted the nation’s highest state foreclosure rate for the sixth consecutive month in February, reporting one in every 282 housing units with a foreclosure filing during the month. And Florida cities accounted for seven of the nation’s 10 highest metro foreclosure rates in February, led by the Miami, Orlando, Ocala, Tampa and Palm Bay metro areas, according to RealtyTrac data.
By Kevin Brass, World Property Channel on March 15, 2013 8:30 AM
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