Today, RealtyTrac released September and third quarter housing numbers for the nation. According to this report, South Florida’s recovering housing market is facing bleak news – an increase in Florida foreclosures
This report ranks Florida highest nationwide in state foreclosure rates, the first time the state has topped the list since April 2005.
Experts from the research firm speculate that Florida’s judicial process, which takes two years to complete a foreclosure, factors in to the comparison.
This state faced an increase of 13.5% increase in properties with florida foreclosure filings since the third quarter of 2011.
Even though Florida foreclosures hurt the value of surrounding homes, buyers are eager for more properties to go on sale.