In a surprising turn of events, November’s foreclosure data reveals a stark contrast between different regions in Florida, with Charlotte County experiencing a dramatic surge, while Manatee County sees a significant decline.
The latest report from real estate analytics firm Attom highlights a mixed foreclosure landscape across the United States, with Florida standing out as an exception. While most states experienced a decrease in foreclosure filings in November, Florida, along with Nevada and Connecticut, reported an increase. The state recorded a foreclosure filing rate of one in every 3,047 housing units, trailing closely behind Nevada.
Charlotte County, in particular, witnessed a remarkable spike in foreclosures, with filings jumping 442.31% from October and 819.57% year-over-year, totaling 423 cases in November. This figure places Charlotte as the county with the highest number of foreclosures among the nine counties covered by the report, surpassing Hillsborough’s 254 cases.
Conversely, Manatee County showcased an entirely different trend with foreclosure filings dropping by 40% in comparison to October, and 31.43% year-over-year, amounting to just 24 foreclosures in November. This decline was mirrored in neighboring counties such as Collier and Polk, which also reported decreases both monthly and on a yearly basis.
The statewide situation in Florida remains pressing, as lenders initiated 2,438 foreclosure starts in November, positioning the state just behind Texas in this category. Florida’s initiation rate surpasses notable states like California, New York, and Pennsylvania, indicating a broader issue.
Miami emerges as a critical area, with one foreclosure per 2,551 housing units, making it the fourth-highest rate in the nation. These statistics underline the diverse foreclosure patterns across Florida, reflecting economic and possibly seasonal influences highlighted by Attom CEO Rob Barber, who noted that a slight nationwide decline usually reflects a seasonal trend.
Overall, the latest data unveils a complex foreclosure picture in Florida, with contrasting trends among counties, emphasizing the need for a detailed analysis of the underlying factors influencing this variance.
Source: Businessobserverfl
