Florida foreclosure is on the rise according to the Sun Sentinel. Highest rates of foreclosure appear to be in South Florida. The South Florida counties include Dade, Broward and Palm Beach and the cities as far south as the Florida Keys, Homestead, Miamai, Miami Beach, Hollywood, Fort Lauderdale, Boca Raton, Coral Springs, Deerfield Beach, Delray Beach, Boynton Beach, West Palm Beach as well as smaller communities. Foreclosure on the rise in Stuart, Vero Beach, Port St Lucie> Okeechobee, Daytona, Melbourne, Titusville, Jacksonville, Kissimme, Orlando, Ocala and across thru Winterhaven, Tampa, Clearwater, and Ft Myers.
South Florida foreclosures increase in August
By Paul Owers September 13, 2012 11:55 AM
Foreclosures in South Florida and across the state continue to increase following a slowdown last year.
Broward County experienced a 29 percent increase in the number of foreclosure starts in August compared to the same time a year ago, according to the RealtyTrac listing firm said. In Palm Beach County, the number of new cases jumped 35 percent.
RealtyTrac of Irvine, Calif., monitors public records for foreclosure starts, scheduled auctions and bank repossessions.
Florida had the nation’s second-highest foreclosure rate after Illinois, with one in every 328 housing units receiving a notice last month. Foreclosure starts rose 26 percent in the Sunshine State from August 2011.
Lenders temporarily halted many new cases in 2011 after bank employees admitted under oath that they used faulty paperwork to repossess homes. Banks have since resumed those foreclosure filings, five years after the crisis began.
“This is not winding down quite yet,” said Daren Blomquist, a spokesman for RealtyTrac.
The Federal Housing Finance Agency announced this week that San Diego-based Pacifica Companies was the winning bidder on 699 foreclosed homes across Florida. Pacifica made an initial payment of $12.3 million and will share in the ongoing cash flow of the properties.
It was the first bulk sale announced as part of a government program to unload foreclosed properties.
Meanwhile, California research firm CoreLogic on Wednesday said more than 10.8 million homes nationwide are worth less than the mortgages, down from 11.5 million a year ago.
In Palm Beach County, 42 percent of homes are “underwater,” while 44 percent of Broward homes are worth less than what’s owed.
If you are in trouble and fear losing your home call the Foreclosure Defense Helpline today.
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