South Florida Foreclosures Topped Nationwide List for First Half

by Donald Hanz on States

Florida foreclosures continue to post record numbers during the first six months of the current year. Since the housing market crisis started, the state has recorded high foreclosed property numbers and is one of the regions in the U.S. hit hardest by the foreclosure problem.

Although the metro area of Miami did not top the nationwide list of regions in terms of having the highest foreclosure and bank owned house listings rate during the first half of 2010, it still made it to 10th place, which shows that Miami is still reeling from the impact of the housing market crisis.

The state and most of its major cities are still mired in housing market problems, with huge numbers of residential properties under some stage or type of foreclosure. Wells Fargo real estate foreclosures, government foreclosed properties, homes entering the first stages of foreclosures and those that are already in the final stages are common in most Florida neighborhoods.

Listings of foreclosed homes in the state, particularly in South Florida, are expected to expand further in the coming second half of the year. For the first six months, statistics showed that almost 4% of dwellings in the South area have received a notice of foreclosure. This makes the region top in terms of total foreclosure numbers nationwide.

Florida foreclosures in areas like Broward, Miami-Dade County and Palm Beach totaled over 94,000 during the first half of the current year. These include all households in various stages of foreclosures. Although the Southern region did not make it as the number one area in terms of foreclosure rates, it did top the national ranking in terms of total.

According to the South Florida Sun-Sentinel, the number represents an 8% decline when compared with the second half of 2009. However, it also represents a surge of more than 10% when compared with the 2009 first half.

Despite the fact that most real estate market analysts believe that majority of areas in the state have reached their foreclosure peaks, the high unemployment rates in the state are expected to hold back any form of recovery in the housing market. Analysts expect Florida foreclosures to continue to be a major problem for the rest of 2010.