Florida Continues to See High Foreclosure Rate

A 37% month-over-month increase in foreclosure activity boosted Florida’s foreclosure rate to second highest among the states in April, according to the latest data from RealtyTrac. One in every 135 Florida housing units received a foreclosure filing during the month, more than 2.7 times the national average. The monthly increase in Florida was driven by a spike in default notices and auction notices, but bank repossessions were down 7% from March. Total foreclosure activity in Florida was up 75 percent from April 2008.

The Cape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in April, with one in every 57 housing units receiving a fling in April. Foreclosure activity increased 31% from March here, and two other Florida metro areas also documented foreclosure rates in the top 10: Miami at No. 9 and Orlando at No. 10.