Florida's foreclosure rate drops to No. 2 behind Nevada
Florida fell to the No. 2 spot in the nation for foreclosure activity in August behind Nevada after three consecutive months on top, according to RealtyTrac.
In August, one in every 383 residences in Florida received some type of foreclosure filing.
A total of 23,372 Florida properties received foreclosure filings in August, down 14 percent from July and down 15 percent from a year earlier, according to the Irvine, Calif.-based data firm.
Foreclosure activity includes new case filings, scheduled auctions and repossessions.
"That annual decrease in overall Florida foreclosure activity came on the heels of three consecutive months with annual increases and 16 of the last 19 months with annual increases,'' RealtyTrac said.
The year-over-year decrease in Florida foreclosure activity primarily reflects a 65 percent decrease in new filings, which hit their lowest level since RealtyTrac began issuing its state report in April 2005.
At the same time, activity in the later stages of the foreclosure process climbed in Florida, with scheduled auctions increasing 39 percent and bank repossessions rising 48 percent from a year earlier.
In Miami-Dade County, one in every 264 residences received some type of foreclosure filing in August, as foreclosure activity fell 19.88 percent from a year earlier and declined 14.13 percent from July, according to RealtyTrac.
In Broward County, one in every 372 residences got a foreclosure filing in August. That reflected a 12.23 percent decline in foreclosure activity from a year earlier and a 27.28 percent decline from July.
In both Miami-Dade and Broward, new foreclosures filings were down in August from a year earlier, while auction notices and bank repossessions rose.
Among the 20 largest metropolitan areas, Miami posted the highest foreclosure rate, and Tampa came in second.