Yeah, Florida’s On The Road To Recovery

Even as everyone is stating over and over again that Florida’s housing market is showing a strong recovery with above average gains in prices and sales, Florida

Once again led the nation in foreclosures completed in the 3^rd quarter; no other state was even close, according to Core Logic reports.

Out of the 658,463 foreclosures completed nationwide in the last 12-months, 111,000 of them, (17%),  were in the Sun Shine state, according to data reports.

Michigan ranked as the No. 2 state, with the completion of 60,000 foreclosures, and in the 3^rd position is California, they  totaled 58,000 proceedings during the same period.

The top five foreclosure states –included No. 4 Texas, with 43,000 foreclosures finalized, and No. 5 Georgia, where 40,000 were finished. These five states accounted for approximately half of all foreclosures completed nationwide.

Even though Florida cleaned out more foreclosures than any other state, they still have the highest inventory of the foreclosures, Otherwise known as the Shadow inventory or now called the Zombie Inventory, looks like everyone is jumping on the new Zombie craze.  In August Florida is still showing 8% of the mortgaged homes are in pre-foreclosure status.  New Jersey ranked second with 6.2 % of all its mortgaged residences in foreclosure. New York has 4.9 %, Maine has 4.0 % and Connecticut with 3.9 %.

Florida also had the highest rate of severely delinquent mortgages, past due for 90 days or more,  in August with 12.4 % of all mortgaged properties. That’s more than twice the national average delinquency rate of 5.3 % of loans.

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