Florida has registered one of the highest rates of home foreclosure filings in the nation, ATTOM said, amid an annual increase at the national level of such filings.
The real estate data analysis firm reported that one in every 2,632 housing units in Florida had a foreclosure filing in February. South Carolina registered foreclosure filings for one in every 2,248 homes, while Delaware had one in every 2,428.
Home repossession filings increased annually countrywide, with one in every 4,279 homes receiving a foreclosure filingthese are default notices, auctions or lender repossessions. The rate decreased 1 percent from the previous month, but it was 8 percent higher than it was in February 2023.
"The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market," Rob Barber, ATTOM's CEO, said in a statement. "These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity."
In 28 states, the number of completed foreclosures fell 14 percent from January and 11 percent from the year before. The states that saw the highest declines were Georgia at 52 percent, New York at 41 percent and North Carolina at 34 percent. Meanwhile, South Carolina had one of the highest rates of completed foreclosures at 51 percent, followed by Missouri at 50 percent and Pennsylvania at 46 percent.
Two cities in Florida had the highest rates of foreclosures for areas with populations of at least 1 million people: Orlandowith one in 1,938 housing units experiencing foreclosuresand Miami, with one in every 2,392.
In February, lenders began the foreclosure process on more than 22,500 properties, a 4 percent increase from the previous month and 11 percent higher than a year ago.
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