Wednesday, November 22, 2017
Business

Florida, still foreclosure king, sees new court filings slide

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Florida foreclosure rate declines again

Florida is still America's foreclosure capital, but its rate of defaults, auctions and repossessions has slid for four months in a row, new housing data show.

The state saw 46 percent fewer new foreclosures last month than it did in November 2012, as distressed loans thinned and home values improved, according to RealtyTrac.

Another surprising explanation for the foreclosure slowdown: the state's new "faster foreclosures" law. Its tough new rules for documentation, lawyers argue, have forced some banks to delay their filings.

Tampa Bay saw 28 percent fewer foreclosure filings over the same time, though it's not out of the weeds yet. Eight of the 10 top foreclosure rates in the country are in Florida, and Tampa Bay is No. 8.

Fewer filings will ease pressure off the state's foreclosure courts, though the backlog remains thick. Florida judges are closing or dismissing about 20,000 foreclosures a month, but nearly 275,000 pending cases remain on the books.

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