Florida at Top of May Foreclosures

by Isaac Benmergui, Esq on June 17, 2013

Housing CrisisFlorida claimed the top spot for foreclosures in May, but it wasn’t because of new foreclosures filed. Instead, more foreclosure sales took place, which could help the lack of available home inventory for buyers.

In Palm Beach County foreclosure sale notices shot up 38 percent from the previous year, according to RealtyTrac. Buyers should be on the lookout for auctions as RealtyTrac Vice President Daren Blomquist stated there were more auctions than foreclosures scheduled this year.

Statewide, the number of initial foreclosure filings, was down 17 percent in May compared to the same time last year. The number of underwater homes in Palm Beach County and statewide also dropped by 3.2 percent from 39.8 to 36.6 in the first quarter of 2013. In 2009, 44.8 percent of homeowners with a mortgage were underwater in Palm Beach County.

In rankings for metropolitan areas with foreclosures, South Florida ranked highest, according to RealtyTrac. In the tri-county area, one in every 209 homes was in some stage of foreclosure last month. Although the percent of underwater homes continues to decline, Florida still ranks second in the nation with homeowners who owe more than the home’s value.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.




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