FORT MYERS CAPE CORAL FLORIDA REAL ESTATE NEWS, REALTY TRACK: FORECLOSURES DECLINED IN FLORIDA IN 2011
Home foreclosures across Florida last year declined by 65 percent from the year before. Still, the state continues to rank seventh in the nation with the number of homes in foreclosure.
In Florida, 182,000 properties were in foreclosure, including one in every 261 homes in South Florida. Nationally, the foreclosure rate was less than half of Florida’s — one in every 634 homes. The figures were compiled by the real estate monitoring firm RealtyTrac.
RealtyTrack also reported that the average foreclosure case in the United States took just under a year to reach its conclusion. But in Florida, it took more than twice that long — an average 806 days or two and a quarter years.
The future doesn't look any brighter. RealtyTrac says the foreclosure system was in what it calls "full delay mode" in 2011 because of documentation and legal issues. Those are being resolved, it says, and foreclosure activity is expected to increase — perhaps significantly — this year.
Read more here: http://www.miamiherald.com/2012/01/11/2585182/realtytrac-foreclosures-declined.html#storylink=cpy
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