Florida Remains At Top Of List For Foreclosures
MIAMI (CBS Miami) – A recent national foreclosure report published by CoreLogic reports Florida is still at the top of the list for foreclosure inventory.
While the report highlights that the national foreclosure inventory is down nearly 30 percent since 2012, Florida has the highest number of completed foreclosures through May of 2013.
CoreLogic found that Florida saw 103,000 residences auctioned or taken back by lenders over the past year.
California came in second with 76,000 completed foreclosures in the past 12 months.
Out of the top five states with the most foreclosure inventory, Florida’s numbers show 8.8 percent of mortgaged homes are among the foreclosure inventory.
According to the California-based company, one of the reasons Florida has the highest number is because the state’s foreclosure process is a lengthy one.
The other top states with high foreclosure inventory include New Jersey with 6 percent foreclosure inventory, New York – 4.8 percent, Maine and Connecticut – 4.1 percent.
The national average foreclosure rate stands at 5.6 percent, but Florida’s share of mortgages that are behind more than 90 days stands at 13.3 percent.
The state with the lowest foreclosure inventory is Wyoming at 0.5 percent.