Miami Condo Market and Lifestyle Updates
Florida Tops the List of the Highest Foreclosure Rates in the U.S. in 2014

Florida Tops the List of the Highest Foreclosure Rates in the U.S. in 2014

by Sep Niakan | January 23, 2015

According to new end-of-year data, Florida has the highest foreclosure rate for 2014 out of all markets in the United States.

2.3% of all housing units in Florida had a foreclosure filing in 2014, the highest in the country. Other notable high foreclosure rate states were New Jersey, Maryland, Illinois, and Nevada.

Amidst the major cities, Miami was second in foreclosure rates in 2014 at 2.79%. Atlanta City was the only one to surpass Miami at 3.06% foreclosing. Three more Florida metro areas were next: Orlando, Palm Bay-Melbourne-Titusville, and Tampa, making four out of the top five areas on the list from Florida.

Florida ranked third in the states with the longest time taken, on average, to foreclose in the last quarter of 2014. Florida takes an average of 946 days, surpassed only by Hawaii and New Jersey with over 1,000 days to file.

 

For the past few years, Florida has been the state with the highest foreclosure rates. In 2011, Nevada was the highest, but 2012 to now, Florida reigns supreme.

Overall, foreclosures throughout the United States, which include default notices, scheduled auctions, and bank repossessions, reported over 1.1 million properties in the United States in 2014. That number is down 18% from 2013 and down 61% from the high-point of 2.9 million properties foreclosing in 2010.

 

Source: therealdeal.com

Photo credit: Aerial 7-themes.com

Recent posts

Real Estate News

Miami’s New and Pre-Construction Condo Update: August 2017

by Sep Niakan | September 17, 2017

August comes up with quite some movement for the preconstruction condo market in Miami. We have Aston Martin Residences gearing up for a fall groundbreaking, Canvas and The Harbour successfully topped off, 1010 Brickell got its ok to open and...

Opinions and Advice

Back to school

by Sep Niakan | August 29, 2017

Septembers can be a sobering time for most as we say goodbye to summertime frolic. Kids are either back to school or are gearing up for it. Parents are busy running around, trying to get everything and every kid organized. It’s back to the...

Opinions and Advice

4 Property Tax Savings and Benefits when Buying Property in Florida

by Sep Niakan | August 29, 2017

For most people, paying taxes equals one big headache. In Florida, knowing your tax laws is worth the pain. Being a Florida resident, you can gain from many tax-saving programs. You can also find affordable real estate in big cities like Miami....

Lifestyle

September Events to Spice Things Up In Miami!

by Sep Niakan | August 27, 2017

Summer may be on its way out, but that doesn’t mean things have to fizzle down. There’s a whole bunch of stuff to do this month, especially around Labor Day weekend. Scroll through our top picks and plan a fun September in...