TAMPA, FL — Florida ranked among the top 10 states for highest foreclosure rates in 2017 despite the number of foreclosures dropping by 45 percent compared to 2016. In Florida last year, there were 24,215 foreclosure proceedings filed, compared to 43,772 in 2016, according to ATTOM Data, a multi-sourced property database.
States with the highest foreclosure rates in 2017 were New Jersey (1.61 percent of housing units with a foreclosure filing); Delaware (1.13 percent); Maryland (0.95 percent); Illinois (0.86 percent); and Connecticut (0.78 percent).
Rounding out the top 10 states with the highest foreclosure rates were Florida (0.72 percent); South Carolina (0.70 percent); Ohio (0.70 percent); Nevada (0.67 percent); and New Mexico (0.63 percent).
Nationally, foreclosure filings for 2017 fell 27 percent compared to 2016, reaching their lowest level since 2005, according to the report. There were 676,535 properties with foreclosure filings in 2017, a 76 percent drop from when such filings were at a peak during the housing crisis in 2010.
The properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, the report said. When filings were at a peak during the housing crisis, they represented 2.23 percent of all U.S. housing units.
Nationwide, 50 percent of all loans actively in foreclosure as of the end of 2017 were originated between 2004 and 2008 — down from 55 percent a year ago.
Florida ranked among the top states with the highest number of legacy foreclosures on loans originated between 2004 and 2008. The top states were New York (25,886), New Jersey (20,172), Florida (19,494), California (9,847), and Illinois (8,732).
Legacy foreclosures on loans originated between 2004 and 2008 represented 74 percent of all active loans in foreclosure in the District of Columbia, higher than any state with at least 100 active loans in foreclosure, followed by Hawaii (67 percent), New Jersey (58 percent), Massachusetts (58 percent), Florida (55 percent), and Nevada (55 percent).
Miami-Dade County ranked among the highest number of legacy foreclosures in the nation. The top counties were: Nassau County (Long Island), New York (6,782); Cook County (Chicago), Illinois (5,478); Kings County (Brooklyn), New York (4,677); Miami-Dade County, Florida (3,804); and Suffolk County (Long Island), New York (3,417).
In the fourth quarter of 2017, Florida also ranked near the top of all states with the longest average time to foreclose. The states were: Indiana (2,370 days); Nevada (1,933 days); Florida (1,493 days); New Jersey (1,298 days) and Georgia (1,263 days).
Among 233 counties nationwide with sufficient data, Orange County (Orlando) ranked among the top counties with the longest average time to foreclose in the fourth quarter of 2017. The top counties were: Queens County, New York; Marion County (Indianapolis), Indiana (2,810 days); Orange County (Orlando) (2,109 days); Henry County (Atlanta), Georgia (2,075 days); and Cherokee County (Atlanta), Georgia (1,988 days).
You can read the full report from ATTOM Data here.
Caption: In this July 22, 2010 photo, a Real Estate Owned home (REO) is listed for sale for $900,000 along the Miami River in Miami. (AP Photo/Lynne Sladky)