The problem of foreclosure filings and bank owned foreclosure auctions remained huge in Florida last month, but improvements in several areas were seen during January 2011 in the state. The decline in national foreclosure filings was largely evident in Florida and in other states where courts handle foreclosure cases.
Bank owned homes in Jacksonville and in other key areas of the state remained high, but the region improved its national ranking as no city in Florida made the top 20 metro areas in the U.S. with the highest foreclosure rates during January. This was a significant improvement for the state since, a year ago, nine Florida cities were ranked in the top 20.
Florida bank owned homes and foreclosure filings remained high in majority of the state's local housing markets, but the overall total declined across the whole state. Florida also fell to ninth among the 50 U.S. states in terms of areas with the highest foreclosure rates for January 2011. Before last month, the state never went below the top five.
Foreclosure filings in the state totaled 21,671 last month, representing the fourth month in a row that filings total has gone down in the region. January figures also represent the lowest total recorded by Florida within a 42-month period. The number included properties up for bank owned foreclosure auctions, notices of default and properties seized by lenders. Nationwide, foreclosure filings dropped by 17% in January compared with the same 2010 month.
The drop in the number of foreclosure-related filings and bank owned foreclosure properties for sale was largely evident in judicial states like Florida. Regions where foreclosure cases are handled by courts recorded a combined default notice decline of 2% last month compared with December 2010 and a 39% drop compared with January 2010. In terms of notices issued for auction sales, the decline for judicial regions was 4% compared with December and 13% when compared with January 2010.
Although foreclosure-related filings and bank owned foreclosure auctions dropped in Florida last month, housing industry experts stated that the housing market of the state will remain problematic for the whole 2011. They stated that any potential improvement for Florida will not manifest until next year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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