After a three-month run in the number one spot the state of Florida has dropped to the state with the second most foreclosures. This according to the latest RealtyTrac report released this week.
According to the report one in every 383 housing units in Florida were with a foreclosure filing in August. There were a total of 23,372 Florida properties with foreclosure filings for the month, down 14 percent from the previous month and down 15 percent from a year ago. That decrease comes after three consecutive months of annual increases and 16 of the last 19 months with annual increases.
The report detailed:
The annual decrease in Florida foreclosure activity was driven primarily by a 65 percent year-over-year decrease in Florida foreclosure starts, dropping those to the lowest level since RealtyTrac began issuing its report at the state level in April 2005. Meanwhile scheduled foreclosure auctions in Florida increased 39 percent from a year ago, and bank repossession increased 48 percent from a year ago.
Other highlights from the report:
- U.S. foreclosure starts decreased 8 percent in August. Lowest level since December 2005
- Bank repossession up 6 percent nationwide
- A total of 55,775 U.S. properties started the foreclosure process during August, down 44 percent from a year ago to the lowest level since December 2005.
- Foreclosure starts in August decreased from a year ago in 38 states
The full RealtyTrac report is available here.
Photo courtesy of Flickr user BasicGov