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Florida foreclosures decreased 56% in 2 years

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As outlined by ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report, Florida’s status on the list of nation’s top foreclosures has improved, and the foreclosure crisis continuously is healing.

The Florida foreclosure rate dropped 34% in the first half of 2017 year-to-year, and it also declined 56% since 2015. Florida, at one time the No. 1 foreclosure state, now ranks seventh.

Florida foreclosures decreased 56% in 2 years

Florida foreclosures decreased 56% in 2 years

 

Florida continues to have a prolonged foreclosure process, however, with simply three other states -New Jersey, Indiana and New York – taking longer. Overall, it’s going to take 3.3 years (1,203 days) to foreclose in Florida, the time between a first notice and a final foreclosure sale.

Nationally, foreclosures were down 20% year-to-year, and down 28% from the same time frame 24 months ago, and the volume of foreclosures in June alone dropped to the nation’s lowest level since. November 2005.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” says Daren Blomquist, senior vice president with ATTOM Data Solutions.

Additionally, banks are purchasing fewer of the foreclosures that go to auction. “More than 38% of properties sold at foreclosure auction in the first half of this current year were sold to third-party buyers as opposed to back to the bank -the largest share we’ve experienced going back as far as 2000, the earliest this information is available,” adds Blomquist.

The timeline for a U.S. foreclosure hit an all-time high, ATTOM reports. In the second quarter, it took an average 883 days from the first public foreclosure notice to execute the foreclosure process, up from 814 days in the prior quarter and up from 631 days in the second quarter of 2016.This is the longest timeline since ATTOM started tracking the data in 2007.

States having the longest average foreclosure timelines completed in Q2 2017 were New Jersey (1,347), Indiana (1,259), New York (1,255), Florida (1,203), and Illinois (1,059). States with the shortest average foreclosure timelines for foreclosures were Virginia (176 days), Alabama (295 days), Arkansas (301 days), Oregon (347 days), and North Carolina (374 days).

“Although foreclosures are fading overall, there has been a notable uptick in foreclosures completed by some non-bank entities – counter to the sharp downward foreclosure trend among big banks and government-backed loans,” Blomquist notes. He says those “divergent foreclosure trends are likely the result of the big banks and government agencies selling off distressed loans over the past few years to non-bank entities that are now foreclosing on an increasing volume of that deferred distress.”

 

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(all data current as of 11/22/2024)

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