Foreclosure Sales in Florida and Pinellas County Lag
According to information obtained from Realtytrac, there have been a total of 484,635 foreclosure filed in the State of Florida in 2009, while there have only been 68,386 total sales of those properties during the same period. These numbers roughly track the numbers published elsewhere and point to a larger problem within the foreclosure market as more and more property are subject to foreclosure, but proportionally less of those properties are being liquidated or returned to the marke. The building backlong presents profound challenges for communities struggling to recover from already depressed housing prices. Until something significant is done to address the very real problems caused by this backlog, the crisis will continue in its progression.
A Slight Decrease in Foreclosure Filings
Florida reported 156,924 properties with foreclosure filings in the third quarter of 2009, a decrease of less than 1 percent from the previous quarter but still 23 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac ® U.S. Foreclosure Market Report. One in every 56 Florida housing units received a foreclosure filing in the third quarter, the fourth highest state foreclosure rate in the nation. When the numbers of foreclosures filed is that high, the number that could be filed based on the numer of 60 day late mortgage payments would be exteremely hight.
Foreclosure activity in the Sunshine State was down more than 11 percent in September from the previous month to 55,036 properties with foreclosure filings, but remained elevated on a yearly basis, up 15 percent from September 2008. The state’s foreclosure rate was third highest in the nation for the month “” with one in every 158 housing units receiving a foreclosure filing “” 2.4 times the national average.
For guidance in your foreclosure caes, contact Matt Weidner at www.MattWeidnelaw.com
