WASHINGTON – Oct. 14, 2010 – More than 13,200 Floridians lost their homes to the banks in September, a record number expected to plummet next month with lender freezes on foreclosure sales, according to real estate analysis firm RealtyTrac.
The Irvine, Calif.-based company, which releases its September foreclosure report today, predicts bank repossessions – the last phase in the foreclosure process – will fall in October as some of the nation’s largest lenders halt foreclosure evictions and sales.
While a reprieve for delinquent homeowners, RealtyTrac experts say the delay in the foreclosure process could hurt Florida’s economy. More than 24,200 notices of foreclosure sale were issued in September to Florida properties – possibly vacant or abandoned – that are now in limbo.
“This adds a whole new cloud of uncertainty to the housing market,” said RealtyTrac spokesman Daren Blomquist. “These properties represent a big chunk of what’s being sold in Florida.”
According to RealtyTrac, 45 percent of all home sales in September were either short sales or sales of bank-owned homes.
New foreclosure filings were down overall in Florida compared with September last year, with 22,071 homes getting their first notice. That’s a 31 percent decrease from 2009.
Palm Beach County saw a 42 percent drop in initial foreclosure filings compared with last year with 1,175 homes receiving their first notice.
Despite the decreases, Florida still posted the nation’s second-highest state foreclosure rate in September with one in every 148 homes receiving a foreclosure filing.
Nevada ranked first with one in 69 homes receiving a foreclosure filing.
Copyright © 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.
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