Once again, the national foreclosure data shows that Florida foreclosures rank among the top in the nation, just under California, and above Michigan and Nevada.
Per data provided by the foreclosure-tracking company RealtyTrac.com, more than 50 percent of our nation’s foreclosure-related actions in August took place in just four states:
- California : 25.76 percent
- Florida : 17.4 percent
- Michigan : 5.4 percent
- Nevada : 5.0 percent
The remainder of the Top 10 foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Compared to July’s numbers, the national foreclosure rate improved in August. That said, the August data is pretty much terrible when compared to last year — foreclosures have increased bay as much as 18 percent.
OK… We Get it… But is there a silver lining to these high foreclosure numbers?
Absolutely, yes. See, high foreclosure rates are resulting in awesome home values for today’s buyers. In fact, those buying distressed properties now account for about one-third of all home sales, and in this area – low Florida mortgage rates are helping sales numbers increase more every day.
Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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