Newspaper article Sarasota Herald Tribune

Florida Remains atop US Ranking | but the Number of Foreclosure Properties Continues to Shrink

Newspaper article Sarasota Herald Tribune

Florida Remains atop US Ranking | but the Number of Foreclosure Properties Continues to Shrink

Article excerpt

FORECLOSURES

Florida can't shake its spot at the top of the nation for foreclosures, but the numbers are shrinking.

Mortgage lenders closed on 71,644 foreclosures in Florida during the 12-month period ended in February, data provider CoreLogic reported Tuesday.

The state accounted for about 15 percent of all the foreclosures nationwide in the past year.

But the total was down by more than 41,000 foreclosures, or 37 percent, from 2015.

Florida's foreclosure inventory -- the share of mortgaged homes in some stage of the process -- stood at 2.2 percent in February, the fourth-highest level in the nation.

While the state's foreclosure inventory is down from 3.4 percent over the year, it remains double the U.S. rate of 1.1 percent.

"Home price gains have clearly been a driving force in building positive equity for homeowners," said Anand Nallathambi, president/ CEO of CoreLogic. "Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain healthy and affordable home values into the future. …

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