Last year PBS NewsHour reported on the foreclosure crisis that followed the recession throughout the US, including Florida. Although we’ve recovered over the last few years, we’re still feeling the sting.
Where Florida stands
PBS journalist and columnist Paul Solman stated in a recent article that “the foreclosure crisis is far from over, especially in Florida which leads the nation with more than 300,000 cases still pending, another half-a-million homeowners delinquent, hundreds of thousands of modified loans about to balloon in payments.”
Solman continues, “In fact, with one out of four Florida homes hit with a foreclosure notice in recent years, it’s hard to meet anyone in this state who hasn’t been touched by the crisis.”
Foreclosure statistics and trends
And according to the Executive VP of RealtyTrac, Brian Mushaney:
…in Florida, total monthly foreclosure filings are averaging 18,322 per month as of 2016 — nearly twice the monthly average of 9,590 in 2005 and 2006. This elevated level, compared with pre-recession levels, and the elongated foreclosure timeline in Florida indicate the presence of a backlog of distress in the state that has still not been fully flushed.
According to the OCC (Office of the Controller of the Currency):
Reporting servicers initiated 64,156 new foreclosures during the third quarter of 2015, down from 82,668 a year earlier. The number of mortgages in the process of foreclosure at the end of the third quarter of 2015 was 269,751, a decrease of 23.8 percent from a year earlier. The percentage of mortgages within this portfolio that were in the process of foreclosure was 1.2 percent. Improved economic conditions and foreclosure prevention assistance contributed to the decline in foreclosure activity.
Breakdown by county
As of 2016, 1 in every 730 housing units received a foreclosure filing in Florida. RealtyTrac gives some insight into Florida’s top counties related to foreclosure rates:
Clay County
1 in every 397 homes
Santa Rosa County
1 in every 447 homes
Nassau County
1 in every 474 homes
Baker County
1 in every 480 homes
Citrus County
1 in every 483 homes
Duval County foreclosure data
In Duval County, foreclosure filings during March 2016 were 11% higher than February but 40% lower than March 2015. At the same time, home prices were 180% higher than March 2015.
Jacksonville
1 in every 565 homes
Atlantic Beach
1 in every 870 homes
Jacksonville Beach
1 in every 1523 homes
Neptune Beach
1 in every 3584 homes
What this means for homeowners
What makes this situation even more challenging is the speed at which foreclosure cases move through the court system, especially in Duval County. If you are trying to save your home through loss mitigation options such as a loan modification or short sale, the court may set a final hearing before those options are fully completed.
For this and many other reasons, if you are interested in saving your home, it is highly recommended that you consult with a knowledgeable real estate attorney who can help you navigate the process.