Newly-filed foreclosures jumped 24 percent in Florida last month compared to a year earlier, a spike that marked the first annual increase since early 2013 and led to speculation about whether a long-predicted flood of home repossessions had arrived.
According to a report from the company RealtyTrac, which measures foreclosure filings nationwide, 6,468 Florida homes fell into foreclosure in August, which was a 74 percent increase from the previous month.
- Underwater mortgages fall below 20 percent in Palm Beach County
- Banks catching up on a 2013 state law that requires them to have specific paperwork before filing a foreclosure.
- A faster court system giving lenders more confidence to pursue a foreclosure.
- The sunset of a federal tax break on short sales.
Despite the statewide increase in new filings measured by RealtyTrac, Palm Beach County had just 480 new cases filed last month, a 17 percent decrease from the same time last year, according to the Palm Beach County Clerk’s office.
The rise in new cases kept Florida in the top spot on a nationwide foreclosure ranking, a place it’s held for 11 consecutive months. RealtyTrac analysts and foreclosure defense attorneys had different ideas on what caused the increase in new filings, but agreed it was likely a combination of factors; Continue reading