It is almost a year that the rate of foreclosure has gone down every month. But new foreclosure starts to spike up in Florida in July.
Miami CBS Local reports that the foreclosure rate in Florida has been experiencing a decline for the last 10 months. But then, in a recent report of Realty Trac, the spike has been noted.
10 News says that Florida has the highest foreclosure rate in the US in July. The report has been released by Realty Trac. The data shows 16% increased in the month of July.
The report says that out of 408 homes, 1 has a foreclosure filing. According to the Realty Trac Spokesperson Ginny Walker, the sudden increased in July is "likely a 1 month anomaly." however, she also said that there might be more foreclosure of property in the said state once the Florida Supreme court finalizes its "ruling on whether there is a statute of limitations to foreclosures in the state."
Biz Journals says that in the entire state, it is the southern region of Florida that has the third highest foreclosure rate. That information is based on the report of RealtyTrac. It says that the number of filing has been increasing in comparison to other areas in the metro.
It is revealed that there are already 7,285 foreclosure filings in the tri-country area. The figure shows an increased of 31% in the month of June, and another increase of 24% from the month of July. The report also says that new lawsuits have been counted including notices of auction and repossession of property.
Aside from Florida, other areas that have higher foreclosure rates in July are Atlantic city, Jacksonville and New Jersey. Foreclosure rates have also increased nationwide.
Realty Trac vice president Daren Blomquist says the the major factor that has propelled the increase rate of foreclosure is the rapid increase of bank repossession since January 2013. However, the increase in July is somehow considered at the lowest level since November 2015. "a nearly 10-year low that demonstrates the recent rise in bank repossessions represents banks flushing out old distress rather than new distress being pushed into the pipeline," says Blomquist.
