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Ft Lauderdale Real Estate News 03/24/14

foreclosure activity drops 33% in fort lauderdale as distressed property market declines

Florida remained the No. 1 state in the nation in foreclosure activity in February despite a long trend of improvement, according to RealtyTrac.

For February, Florida’s foreclosure activity, which is a tally of initial filings, auction notices, and lender repossessions, dropped 24 percent from a year earlier, the Irvine, Calif.-based data firm said.

Even with that decline, one in every 372 residences in Florida got some sort of filing during the month, a rate more than three times the national average.

One reason Florida still leads the pack: its judicial foreclosure process drags on such a long time — 1,095 days on average. Only Arkansas (averaging 1,128 days) and Hawaii (averaging 1,112 days) took longer to resolve foreclosures, RealtyTrac said.

For the area encompassing Miami, Fort Lauderdale and Pompano Beach, foreclosure activity fell 33 percent in February compared with a year earlier and was down 27 percent from the prior month.

Nine of the 10 major metro areas in the U.S. with the highest foreclosure rates in February were in Florida. Topping the list was Palm Bay-Melbourne-Titusville. Tampa ranked No. 2; Jacksonville, No. 3; and Miami, No. 4 with one in every 328 residences seeing some type of foreclosure activity during the month. Port St. Lucie came in fifth.

Hopeful signs? New foreclosure filings in Florida dropped year over year for the 12th consecutive month, and Florida bank repossessions fell annually for the sixth consecutive month, RealtyTrac said. Scheduled foreclosure auctions in Florida fell 2 percent year over year in February after 13 consecutive months of increases.

Fla. cities prevalent in foreclosure top 10

1. Palm Bay-Melbourne-Titusville (one in every 296 housing units)

2. Tampa (one in every 318)

3. Jacksonville (one in every 319)

4. Miami (one in every 328)

5. Port St. Lucie (one in every 361)

6. Orlando (one in every 370)

7. Atlantic City, N.J. (one in every 398)

8. Ocala (one in every 404)

9. Tallahassee (one in every 407)

10. Lakeland (one in every 410)

© 2014 Miami Herald

To see the February 2013 housing data reports
from the florida association of realtors
click on the links below:

Single Family February 2014

Condos February 2014

To see stats in indvidual markets:

Market Sales Activity February 2014

Click on Image to View The Latest
Metro Home Prices Report
from the National Association of Realtors

foreclosure single family east of Intracoastal

To see 2013 year end housing data reports
from the florida association of realtors
for statewide residential real estate activity
click on the links below:

Single Family 2013

Condos 2013

To see stats in indvidual markets:

Market Sales Activity

To see more great real estate investments go to

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Intercoastal Realty

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(954) 785-8558 Office
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(954) 785-8558 Office
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