The foreclosure market in Florida is a hot topic, with many wondering if the state is experiencing an increase in foreclosures. According to a foreclosure activity report from ATTOM, a real estate and property data research firm, Florida has the third highest number of foreclosures in the country so far this year. But what does this mean for the state?Overall, foreclosures represent 0.19% of all housing units in Florida, or one of every 527 housing units. Nationwide, foreclosure-related requests increased 7% in May.
Illinois, New Jersey and Maryland have the highest state foreclosure rates, while other states with first-half foreclosure rates among the 10 highest in the country were South Carolina (0.19 percent); Florida (0.19 percent); Nevada (0.19 percent); Indiana (0.18 percent); and Connecticut (0.16 percent).Foreclosure activity in the second quarter was below pre-recession averages in 173 of 223 (78 percent) metropolitan statistical areas with a population of at least 200,000 and sufficient historical foreclosure data, including New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit. Metropolitan areas with foreclosure activity in the second quarter above pre-recession averages include Honolulu, Hawaii; Richmond, Virginia; Baltimore, Maryland; Virginia-Beach, Virginia; Albany, New York; and Montgomery, Alabama. ATTOM provides premium real estate data to promote products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM obtains multiple sources of data on property taxes, deeds, mortgages, foreclosures, environmental risks, natural hazards and neighborhoods for more than 155 million U. S.
UU. Residential and commercial properties that cover 99 percent of the country's population. A rigorous data management process that includes more than 20 steps validates, standardises and improves the real estate data collected by ATTOM. The 30 TB ATTOM data warehouse drives innovation in many sectors such as mortgage, real estate, insurance, marketing and government through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends and property browser. In addition to this we present our new and innovative solution which offers immediate access and streamlines data management: ATTOM Cloud. The foreclosure market report provides a count of the total number of properties with at least one foreclosure request entered into the ATTOM data warehouse during the month and quarter.
With a foreclosure rate of one in 2335 homes Garden State ranked second with the highest foreclosure rate in July. Louisiana had a foreclosure rate of one in 5166 homes with 400 homes out of 2066323 housing units being subject to foreclosure. With 44 foreclosures out of a total of 512553 housing units Montana's foreclosure rate was one in 11649 homes. Maine experienced 115 foreclosures with a total of 737782 housing units and a foreclosure rate of one in 6415 homes. With one in every 2343 homes in foreclosure and a total of 445104 housing units 190 foreclosures were filed in the state. With 80 homes being subject to foreclosure out of a total of 481168 housing units Ocean State's foreclosure rate was one in 6015 homes. Texas came in second with 6764 foreclosure starts while California came first with 6867 foreclosure starts. The 23rd most populous state had the fifth-highest foreclosure rate with one out of every 2511 homes in foreclosure. Foreclosure processes are different in each state but mortgage companies generally begin foreclosure processes three to six months after the first overdue mortgage payment.
The study attributed the increase in foreclosures to unemployment rates, foreclosure applications that were processed after two years of government assistance and other economic problems. In conclusion it is clear that Florida has seen an increase in foreclosures compared to last year but it is still below pre-recession averages for most metropolitan areas. The state has also seen an increase in average time for foreclosures reaching an all-time high. ATTOM provides premium real estate data to promote products that improve transparency innovation efficiency and disruption in a data-driven economy.