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Florida is the top state for foreclosure rate

We have discussed in the past about how the worst of the foreclosure crisis in the U.S. seems to have passed, with rates of homes in foreclosure tending to drop compared with the last several years. But that does not mean that foreclosure is not a huge problem for homeowners in Florida, which remains one of the top states in the country for people facing the possible loss of their homes.

In fact, Florida had the highest foreclosure rate in the U.S., according to WKMG-TV. Although the rate dropped 9 percent compared with the previous year, in April one in 400 homes in Florida had foreclosure filed on it.

Foreclosure continues to affect Florida’s cities. Of the 20 U.S. metro areas with at least 200,000 residents that have the highest foreclosure rates, 11 are in Florida. Orlando is number one, with South Florida, Daytona Beach, Tampa and Jacksonville also represented.

This was not a one-month blip on the radar, either. The 121,338 completed foreclosures in Florida between April 2013 and April 2014 were more than twice as many as took place in any other state. They made up 20 percent of all foreclosures completed in the entire country in that time, which were about 599,000.

That was the lowest national figure since 2007. Hopefully, Florida will begin to catch up with the rest of the country in the rate of new foreclosures soon. In the meantime, homeowners who are in foreclosure should remember that they may be able to negotiate a settlement that could let them keep their home. In some cases, it may be possible to get the foreclosure dismissed entirely.

Source: Sarasota Herald-Tribune, “Florida tops in completed foreclosures,” John Hielscher, May 29, 2014

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