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Published On: Thu, Feb 14th, 2013

Foreclosures drop to lowest point since 2007, Florida tops nation as California law delays the filings for consumers

Foreclosure filings in January plunged to their lowest level since April 2007.

Notices of default, scheduled auctions, bank repossessions and other filings fell to 150,864 last month, a 7% decline from the previous month and a 28% drop from January 2012, according to RealtyTrac.

New foreclosure filings fell to the lowest level since June 2006.

“We’re now well past the peak of the foreclosure crisis,” said Daren Blomquist, spokesman for RealtyTrac.

Regulations that took effect in California contributed to the dramatic decline.

The state had long been recording the highest number of foreclosure filings of any state. But on January 1, a Homeowner Bill of Rights became law, offering more protections for California borrowers in default.

As a result, new foreclosure filings in California fell 62% in January. (more below chart)

Foreclosure_filings_chart_2005_thru_2013

Florida claimed first place in the nation in foreclosure activity in January, topping the much-larger California, according to data firm RealtyTrac.

Among metro areas, the Miami-Fort Lauderdale-Pompano Beach area ranked No. 2 in the nation in foreclosure activity in January, with one in 228 homes receiving some type of foreclosure filing in January.

Florida’s dubious distinction came as the state logged the highest foreclosure rate in the nation for the fifth consecutive month, said RealtyTrac, which is based in Irvine, Calif. One in every 300 Florida homes received some type of foreclosure filing in January.

That is more than twice the national average.

“This is the first time since January 2007 that California wasn’t number one,” in terms of the sheer numbers of properties receiving foreclosure filings, said Daren Blomquist, vice president of RealtyTrac.

In January, Florida’s foreclosure filings — which include default notices, scheduled auctions and bank repossessions — increased 12 percent from the prior month and were up 20 percent from a year earlier, RealtyTrac said.

 

 

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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