With a title like America’s Foreclosure Capital, it’s no surprise that Florida posted the nation’s highest state foreclosure rate for the seventh consecutive month, with one out of every 104 housing units facing foreclosure, according to RealtyTrac data. This represents nearly three times the national average of one in every 296 housing units.
A total of 85,671 Florida properties faced foreclosure filings in the first quarter of 2013, up 7% from the previous quarter and increased 17% from the first quarter of 2012. In 2012, Florida experienced a 53% increase in filings.
In the first quarter report, Florida cities accounted for seven of the 10 highest metro foreclosure rates. In Miami, one in every 79 housing units faced a foreclosure filing.
Six other metro areas in Florida documented foreclosure rates among the top 10: Orlando, Ocala, Tampa, Jacksonville, Palm Bay-Melbourne-Titusville and Lakeland.
From the previous quarter, Nevada saw the largest increase in foreclosure filings with a 13% jump. One in ever 115 Nevada houses had a foreclosure filing during the first quarter. However, Nevada’s foreclosure activity was down 18% from a year earlier.
Illinois occupied the third highest foreclosure activity spot, with one in every 147 housing units with a foreclosure filing. Surprisingly, this was down 2% from the previous quarter and dropped 5% from a year earlier.
Twenty-three states saw an increase in foreclosure starts in March, led by New York, which increase 200%. Maryland saw a 193% jump and Washington spiked 154%. See the largest increases in foreclosure starts below.
mhopkins@housingwire.com
