Foreclosure filings fall in Florida, Tampa Bay area

Foreclosure filings in Florida plunged in 2011, but the already long process of resolving those cases has gotten even longer. • It now takes an average of 806 days for foreclosures to wind through Florida's system, according to a report from RealtyTrac. • University of Central Florida economist Sean Snaith said the drop in the number of foreclosures is likely an indication that banks are turning to short sales to dodge the long court process. • He predicts that the number of foreclosures will continue to drop in 2012 due in part to the court backlog, but also as the economy improves and the unemployment rate drops. • "I think more banks are getting used to the idea of getting the infrastructure in place to do short sales and avoid that long process," Snaith said.

181,965

Foreclosure filings in Florida in 2011

62.5

Percent drop in foreclosure filings compared with 2010

2.06

Percentage of Florida homes in foreclosure

Fast fact

One out of 49 homes in Florida entered foreclosure in 2011. Not bad when compared to Nevada where the ratio was one in 16. But Florida's number is depressing when contrasted with North Dakota's one in 3,440.