Florida has done it again—for the eighth consecutive month, the state has ranked No. 1 in the nation for foreclosures, according to the RealtyTrac data cited in an article by The Palm Beach Post. As explained by the news source, Florida again took first place for foreclosures in May, despite the fact that overall foreclosure activity in the state dropped by 30% compared to the same month last year. The RealtyTrac data showed that the May 2014 foreclosure filing rate in Florida was 1 home out of every 436 homes. This is reported to be almost triple the national average for foreclosure filings.
When counting the U.S. metropolitan statistical areas with 200,000 or more residents that had the highest foreclosure rates in May, the Miami-Fort Lauderdale-Pompano Beach area ranked in eighth place, The Palm Beach Post reported. (Palm Beach County is located in this area.) The metropolitan statistical areas that ranked in first through seventh place were also located in Florida. For Palm Beach County only, the RealtyTrac foreclosure numbers for May were as follows:
New Foreclosure Cases Filed: 363 (72% decline from last year)
Homes Seized by Banks: 365 (slightly higher than the 330 from last year)
While the overall rate of foreclosures is dying down, it is obvious from these numbers that Florida homeowners are at the forefront of foreclosure activity in the United States. If you are facing possible foreclosure in Palm Beach County, make sure you secure the counsel of a Palm Beach real estate lawyer who knows how properly to handle foreclosure litigation. My name is Gregg H. Glickstein, and I have spent more than three decades providing high-quality legal representation to individuals and families in Palm Beach County. I am well-versed in Florida real estate law and can help you set up an effective plan for foreclosure defense. In addition to serving Palm Beach County residents, I also represent clients in Broward County. Contact my firm today!