The volume of complete foreclosure and foreclosed home filings plunged in Florida last November. Collier County foreclosure auctions slowed down.
The rate of foreclosures fell 42% in Florida last November, according to data released by a property tracking firm. It was compared to foreclosure rate in the state in October. Compared to the volume of foreclosed home listings in November last year, the rate was 38% lower. Market observers noted that complete foreclosure in the state dropped, but temporarily.
Analysts asserted that the number of complete foreclosure activities in Florida would continue to rise in the coming months. This is because the recent decline in foreclosures was certainly temporary as it was brought about by the banking industry’s decision to temporarily halt foreclosures to give way to review and revamp of lenders’ foreclosure practices.
Analysts added that the current housing crisis is not weakening. They said it is just benefiting from the immediate consequences of the so-called ‘robo-signing’ controversy, which started in October when regulators and state attorneys general unveiled the procedure of hiring ‘foreclosure mills’ to accelerate signing of foreclosure paperwork. Florida was among the states where the rate of foreclosure filings dropped because of the issue.
On a national level, complete foreclosure and filings also dropped in November by 21% compared to the same month in 2009. One out of every 492 homes was foreclosed in the entire country that month. That compares to the rate of foreclosures in Florida, which was one in every 267 households.
Clay County foreclosures also slowed down just like Collier County foreclosure auctions in the state. The two counties have been among the main areas in Florida where the volume of foreclosure activities have always remained high. It is expected that Collier County foreclosure auctions as well as Clay County foreclosures would rebound next month along with foreclosure rates in the entire state and country when banks resume their foreclosure activities.
Meanwhile, Port St. Lucie was the only metro area in Florida that was included in the list of top 10 metro areas across the US with the highest volume of complete foreclosure and even foreclosed home filings. One per 173 homes in the area fell to foreclosure in November. It was ranked as No. 10. On top was still Las Vegas, where one out of every 99 homes was foreclosed.
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