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

Lifestyle

Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...

Real Estate News

What’s behind Downtown’s Latest Population Explosion?

by Sep Niakan | October 31, 2016

From a humble 9-to-5 district to after-dark playground for the it-crowd, Downtown Miami has had quite a turnaround in the past decade or so. According to the latest Miami Downtown Development Authority report, there are now 88,540 residents in...