The number of bank foreclosed properties and list of federal foreclosures continues to increase in Florida, allowing the state to retain its ranking as the third state in the whole of U.S. with the highest number of filings for the 2010 third quarter.
Almost all areas of the state suffer from high supplies of foreclosed properties, with Boca Raton foreclosure listings and distressed property listings in other parts of the region recording large numbers for the quarter in focus. According to the latest housing market data, one household out of every 56 homes received a filing for the period July-September 2010.
Florida foreclosure lists are topped only by two states, Arizona and Nevada; with the former having one household out of every 55 homes receiving a filing, while the latter has a ratio of one household receiving a filing for every 29 homes for the 2010 third quarter.
According to housing market analysts, the list of homes for sale in most areas of the U.S. recorded increased totals for the third quarter as banks repossessed a record number of residential properties for the July-September period. The rapid repossession has taken a great chunk out of banks' distressed property backlogs, analysts have added.
However, most analysts expect the list of federal foreclosures and the number of other types of foreclosed properties to decline in the coming fourth quarter as several major lenders initiate a moratorium on foreclosure sales. Analysts also reported that the 24 states where the moratorium will have the biggest impact accounted for at least 40% of all foreclosure activities for the July-September period and represent at least 36% of all bank repossessions.
The moratorium affects areas where foreclosures are required to be filed in judicial courts, with Florida being one of these areas. This, market analysts have stated, will mean fewer foreclosures for the October-December period. Once the moratorium is lifted though, foreclosure numbers will start rising again, with delayed distressed properties expected to enter the market in great numbers at the same time.
Meanwhile, list of federal foreclosures and bank foreclosures in Florida continue to be a major concern, with foreclosure activities rising by 12% during the third quarter when compared with the second quarter of 2010. Compared with the third quarter of 2009, foreclosure activities remain almost the same.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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