Florida Has All The Cities With The Most Home Foreclosures In The US
While foreclosures have gone down, they are still a major problem in the U.S. and there are certain cities that are hit the most. Though foreclosure filings dropped 28 percent from last year, they increased two percent from the previous month. In fact, one in every 978 U.S. homes received a foreclosure notice in October, according to the latest foreclosure data from RealtyTrac, reports Business Insider.
And the states with the highest number of foreclosures were Florida, Nevada, Maryland, Ohio and Illinois.
“The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year,” said Daren Blomquist, vice president at RealtyTrac.
RealtyTrac took a look at what individual cities had the most foreclosures and — surprise!! — the top five are all in Florida. The list is based on the cities with the most foreclosure notices in October 2013.
1) Palm Bay-Melbourne-Titusville, Florida — One in every 263 homes are in foreclosure, with 1,024 properties. There was no change from September 2013, but a 4.07 increase from October 2012.
2) Port St. Lucie, Florida — One in every 264 homes received a foreclosure filing, amounting to 811 houses. This was 17.03 percent increase from September 2013, but a 56.54 percent drop from last year.
3) Miami-Fort Lauderdale-Pompano Beach, Florida — One in every 264 homes foreclosed, equal to a whopping 9,310 properties. There was a 16.27 percent boost from September 2013 and a 7.27 percent increase from last October.
4) Jacksonville, Florida — One in every 272 homes received a foreclosure notice; properties with foreclosure filings: 2,187. This city saw a 16.21 percent increase in one month and a 26.86 percent increase from last year.
5) Tampa-St. Petersburg-Clearwater, Florida–One in every 302 homes foreclosed in October 2013, amounting to 4,461 properties. Change from September 2013: up 26.12 percent. Change from October 2012: up 0.88 percent.
Unfortunately for homeowners in foreclosure all across the country, many of those houses are occupied. Being evicted can take months, so homeowners hold on until they can’t anymore.
States are stepping in to curb foreclosures by using eminent domain (government seizure), which will stop the homes from falling into even more debt. But banks and investors say that the move curbs personal liberties and keeps the prices for the homes below what they’re worth. At the same time, it’s not a bad idea to explore all of the options available to finally get control over this housing crisis.