• 15
  • October
    2010

The number of foreclosure filings in Florida continues to rise, nudging the state closer to top honors for the highest rate of foreclosure in the nation. The St. Petersburg Times reports that a new RealtyTrac report says that 157,000 properties in Florida received a foreclosure filing from July to September.

According to the Times, Florida's foreclosure activity has also risen 12 percent from earlier this year. Florida is catching up to the number one state of California, which counted 191,000 properties with some foreclosure filing during the same period, even though California has twice the population of Florida.

 

Florida's foreclosure filings are continuing to rise, even as some of the largest lenders in the nation are placing a moratorium on foreclosure processing in order to double check their paperwork.

This week 49 states, including Florida, announced that they would be opening investigations into reports that banks had mishandled foreclosure documents or violated laws in their efforts to file and process foreclosures as quickly as possible.

This could lead to a mess in the courtroom given Florida's involved process, especially considering the added scrutiny that will now go into processing documents. Florida is one of 23 states that require a judge to sign off on foreclosures. The moratorium and added delay could cause headaches, but it might also give a little needed breathing room for those facing foreclosure.

Source:

Florida could soon become No. 1 state for foreclosures (St. Petersburg Times)