There are a number of different entities that track housing statistics in all 50 states, including Florida. However, no one industry is probably more keen to keep and track these statistics than realtors. One website that Florida residents may find useful, RealtyTrac, constantly takes stock of the trends in real estate. One trend of particular significance is the foreclosure rate.
According to the latest available data from September of this year, Florida has a foreclosure rate of one in every 630 housing units. To put this in perspective, the “low” end of the spectrum when it comes to the foreclosure rate is in the area of one in every 6,883 housing units. So, as many of our readers may have guessed by their own neighborhood and towns, it seems that Florida is still dealing with an abnormally high foreclosure rate.
Of course, some counties are better off than others. Of our three closest South Florida counties, Palm Beach County is doing the best, with a rate of one foreclosure in every 801 housing units. Broward County is doing the worst, with a rate of one in every 475 housing units. Miami-Dade County isn’t much better with a rate of one in every 534.
The point of this data seems to be that despite all of the talk about the recovery of the housing market that many of our South Florida readers may be seeing these days, there are still plenty of Florida residents who are having trouble with their mortgages. These might be the very homeowners who may be looking for a solution before the foreclosure process makes them part of the statistics.
Source: realtytrac.com, “Florida Real Estate Trends & Market Info,” Accessed Oct. 23, 2015