According to RealtyTrac, online marketplace for foreclosures, Florida foreclosures hold on to its number 2 ranking for activity in the state, as one in every 140 Miami real estate propertys received a foreclosure filing in August.
There were 62,401 properties with Florida foreclosure filings last month. 39,507 of those were lis pendens, 16,446 were notice of foreclosure sales and 6,446 were foreclosed on and repurchased by a bank.
The amount of Miami real estate properties in foreclosure is not expected to get better anytime soon.
Because of the declining population and record-high unemployment the channel of Florida foreclosures is expected to remain backed up for an additional 18 months to two years.
The of Florida foreclosures is ecpected to surpass 200,000 by year’s end.
Miami real estate properties in foreclosure ranked nuber 6 last month, with 8,898 filings, or one in every 109 units. This is a 23.76% increase from the previous month and up 74.9% from a year ago.
Down from 360,149 in July, Nationwide, 358,471 homes face foreclosure,
Other states with total foreclosures among the 10 highest in the nation in August were Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316).
Contributed by MLR Realty
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