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Why is Florida's foreclosure rate so high?

We have reported several times in this blog about how the foreclosure crisis seems to be continuing in Florida, even as it has ended in most of the United States. Though the number of new foreclosures in the state has been going down for months, there are far more people losing their properties to foreclosure here than anywhere else in the country.

In fact, DSnews reports that there were 101,938 completed foreclosures in Florida in the 12-month period ending at the end of June. That was nearly a fifth of the national total of 526,189, and more than twice as many as the state with the second-most completed foreclosures.

In addition, there remain many Florida homeowners at serious risk of being foreclosed upon. The rate of serious mortgage delinquency was 6.3 percent in June, much higher than the national rate, which was 3.5 percent.

Why does Florida continue to struggle with foreclosure, years after the housing bubble burst? An economist with CoreLogic says it is the combination of Florida’s large population and the state’s judicial system. Florida has the third-largest population in the country, which means more homeowners, which means more foreclosures, the economist said. He suggested that Florida’s relatively lengthy foreclosure process is one reason why so many cases remain in the pipeline.

Despite these issues, Florida’s foreclosure rate has been dropping steadily. The more than 100,000 completed foreclosures from June 2014 to June 2015 actually represented a 47.7 percent drop compared to the previous 12-month period.

However, it appears that Florida has a ways to go before home foreclosures are under control. Homeowners dealing with foreclosure may be able to keep their house, with the help of an attorney.

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