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Florida’s Real Estate Outlook as of October 2014

What is Florida’s real estate outlook as of October 2014 and what can homeowners expect moving forward? States with the most bankruptcy filings in October 2014 in order were Tennessee, Alabama, Georgia, Utah, and Illinois.

How is Florida’s Real Estate Outlook as of October 2014?

Total U.S bankruptcy filings decreased 12 percent in October 2014 from October 2013. Monthly bankruptcy filings from September to October increased according to data provided by Epiq Systems Inc., to the American Bankruptcy Institute. October bankruptcy filings were down down from October 2013 bankruptcy filings.

“Total credit card delinquencies, foreclosures and bankruptcy filings are decreasing as businesses and consumers straighten up their balance sheets,” ABI Executive Director Samuel J. Gerdano said.

“Low interest rates and high filing costs will drive total bankruptcies for the year below one million for the first time since 2007.”

Personal bankruptcy filings in October increased 8% from September 2014. 

Florida’s New Constructions Up
Commercial bankruptcy filings increased 8% from September 2014.

The Sun Sentinel recently reported that state records show that Florida leads the nation in new construction jobs adding 40,100 jobs (10.4% increase) since 2013.

Miami-Dade County led at 4,400 new jobs. Palm Beach County had 2,100 more construction jobs, and Broward 1,700 new construction jobs. This is a rise of almost 5% from one year ago.

October Foreclosures Up

The nation’s foreclosures were at the highest level in October 2014 since March 2010 according to RealtyTrac which tracks national property activity.

On the other side of Miami’s economy is the fact that Miami has one of the five highest foreclosure rates (1 in every 363 housing in foreclosure); Tampa (1 in every 395); Baltimore (1 in every 435); Riverside-San Bernardino (1 in every 495); and Chicago (1 in every 553).

Florida’s top 5 counties for foreclosure:

  • Miami-Dade: 1 in every 271
  • Pasco: 1 in every 282
  • Flagler: 1 in every 318
  • Osceola: 1 in every 321
  • Putnam: 1 in every 326
  1. Miami posted the highest U.S. foreclosure rate for areas with a population of 200,000 or more, increasing 11 percent from the previous.
  2. Orlando foreclosure activity has decreased annually by 13%, but its foreclosure rate is still ranked No. 2 in the nation with 1 in every 394 Orlando housing unit had a foreclosure filing in October which is almost three times the national average.
  3. Tampa posted the nation’s third highest metro foreclosure rate in October: 1 in every 395 homes was in foreclosure.
  4. Jacksonville had the nation’s fourth highest metro foreclosure rate with 1 in every 433.

The Florida foreclosure rate of one in every 444 housing units with a foreclosure filing ranked second highest among the states in October, down from a No. 1 ranking in the previous month.

Florida foreclosure activity in October was down 2% from September and 25% from 2013.

What’s Happening in Florida’s Property Market?

A south Florida broker explained that there are a backlog of delayed foreclosures in Florida courts and other courts across the country which is why there’s an increase. A number of Florida homes were bumped from the foreclosure list because they sold at auction, including a 23 percent jump in Orlando foreclosure auctions.

The Mortgage Forgiveness Debt Relief Act of 2007 ended in 2013. Options including and especially short sales are again becoming an option.

The Standard & Poor’s/Case-Shiller home price index for Palm Beach, Broward and Miami-Dade counties increased in September 2014 by 10% from 2013. Other counties have not grown at the same pace.

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