DISTRESSED PROPERTIES
Facts: Mid-year foreclosure update
Active foreclosures; Rate; Change over year;
Sarasota-Manatee; 1,574; 1 in every 257 households; -54%;
Charlotte; 701; 1 in every 144 households; -34%;
Florida; 63,032; 1 in every 144 households; -34%;
U.S.; 533,813; 1 in every 249 households; -11%;
Far fewer homeowners in Southwest Florida are in danger of losing their properties.
The number of homes with foreclosure filings plunged 54 percent in the Sarasota-Manatee region in the first half of 2016 compared with last year, real estate researcher RealtyTrac reported Wednesday.
A total of 1,574 homes in the two-county region were subject to default notices, scheduled auctions or bank seizures as of June 30.
That works out to one in every 257 homes, the 98th highest rate among the 216 largest U.S. metro areas, RealtyTrac said.
Charlotte County had 701 homes in the foreclosure mill, down by 34 percent for the year. That is one out of every 144 homes.
Florida posted the highest total of homes in foreclosure at 63,032, but that was a 34 percent decline over the year. It ranked fourth in the U.S. with a rate of one in every 144.
“With strong employment, low interest rates and with lenders continuing to carefully scrutinize borrowers, foreclosures will soon be at the lowest levels in a decade,” said Mike Pappas, CEO of a South Florida real estate firm who tracks the state data.
Nationwide, 533,813 properties were in foreclosure at mid-year, an 11 percent drop over the year. One in every 249 U.S. homes was in distress.
“Although there are some local outliers, the downward foreclosure trend continued in the first half of 2016 in most markets nationwide,” said Daren Blomquist, senior vice president at RealtyTrac. “While U.S. foreclosure activity is still above its pre-recession levels, many of the states hit hardest by the housing crisis have now dropped below pre-recession foreclosure activity levels.
“With some exceptions, states with foreclosure activity continuing to run above pre-recession levels tend to be those with protracted foreclosure timelines still working through legacy distress from the last housing bust,” he said.
Florida, a state with a judicial foreclosure process, has one of the longest timelines to complete the process. It takes an average of 1,012 days from start to finish, fifth highest in the nation. The U.S. average is 629 days.
