Florida has shed a dubious honor it held for the last six months: it no longer has the highest foreclosure rate in the nation. Nevada has officially surpassed Florida with the highest foreclosure rate in March. One in 306 homes in Nevada was in some stage of foreclosure last month. The Sunshine State still managed a respectable second, with one in 317 homes involved in foreclosure of some sort.
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Foreclosure filing–Broward County: Increased 23 percent last month from a year ago, Palm Beach County: Filings fell 40 percent. The South Florida metro area, which includes Palm Beach Broward and Miami -Dade counties, had the highest foreclosure rate in the country for the first three months of 2013. |
“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off. Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states.