2016 Foreclosure Report: Despite Decrease Nationally, Foreclosures Still Numerous In Florida

aerial view of residential areaaerial view of residential area

ATTOM Data Solutions manages one of the largest property databases in the country. In January of 2017, it released its Year-End 2016 U.S. Foreclosure Market Report indicating the number of foreclosure filings in the United States. The information in ATTOM’s annual report is based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide. Despite the decrease in foreclosure filings nationally, Florida is still one of the leading foreclosure states.

Florida (1.18 percent) had the fourth highest foreclosure rate in 2016 behind New Jersey (1.86 percent of housing units with a foreclosure filing); Delaware (1.51 percent); and Maryland (1.37 percent). Regarding total number of legacy foreclosures in the country, Florida was one of the leading states finishing third with 29,411 behind New Jersey (32,279) and New York (31,838).

Miami-Dade County, Florida (with 5,262 representing 64 percent) was among the counties with the highest number of legacy foreclosures. Nassau County (Long Island), New York (8,632 representing 74 percent of all loans actively in foreclosure); Cook County (Chicago), Illinois (7,357 representing 53 percent); Kings County (Brooklyn), New York (6,207 representing 68 percent) were the only counties in the United States with more legacy foreclosures.

ATTOM’s report also tracked the foreclosures among 216 metropolitan statistical areas with a population of at least 200,000. With a rate of 1.46 percent of housing units with a foreclosure filing, Lakeland-Winter Haven, Florida finished behind only Atlantic City, New Jersey (3.39); Trenton, New Jersey (2.16 percent); Rockford, Illinois (1.54 percent); and Philadelphia (1.53 percent). Also in the top ten were two other Florida metropolitan areas: Tampa-St. Petersburg, Florida (1.38 percent) and Miami (1.30 percent).

The foreclosure process for properties foreclosed in the fourth quarter of 2016 was an average of 803 days, a 29 percent increase from the previous quarter and a 27 percent increase from a year ago. In the fourth quarter of 2016, Florida was fifth of eight states with an average time of foreclosure that was more than 1,000 days: Utah (1,403); New Jersey (1,383); New York (1,283); Hawaii (1,220); Florida (1,186); Indiana (1,033); Illinois (1,024); and Pennsylvania (1,010). States with the shortest average time to foreclose for the same time period were Virginia (223 days); Michigan (355 days); Oregon (362 days); Alabama (363 days); and Colorado (381 days).

Homeowners need sufficient time to address financial problems. Timely action by a foreclosure defense attorney may help homeowners find such time and opportunity. At Loan Lawyers, our Fort Lauderdale foreclosure lawyers help individuals with problems related to the payment of their mortgage. If you are facing foreclosure and require assistance with this and loss mitigation, contact our office today by calling 954-523-HELP (4357) and see how we can help.