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Florida sees decreasing foreclosure activity in first half of 2011

Recently, RealtyTrac released some interesting foreclosure activity statistics for Florida. The statistics regard the number of foreclosure filings made in the state in 2011's first six months.

Reportedly, in 2011's first half, 113,641 properties in Florida received a foreclosure filing. This foreclosure filing total is reportedly around 55 percent lower than the total the state saw in the second half of 2010 and around 59 percent lower than the state's first half total in 2010.

Thus, the RealtyTrac statistics indicate that Florida has, thus far, seen a decrease in foreclosures in 2011 as compared to 2010. Reportedly, the United States as a whole has also seen decreases in foreclosure filings in 2011's first half.

Unfortunately, this trend of decreasing foreclosure filings in Florida and the country as a whole may not be indicative of a rosier economic outlook. According to the CEO of RealtyTrac, other numbers regarding the economy seem to argue against economic improvements being the cause of the foreclosure filing decreases. Thus, things other than economic improvements may be driving the foreclosure activity drops.

There is another potentially gloomy aspect of Florida's 2011 first half foreclosure filing total. While this total did show a decrease from the filing totals seen in 2010, the total is still quite high as compared to other states. Reportedly, Florida's foreclosure filing total for the first half of 2011 was the second highest in the nation. Thus, it appears that, despite the decreases, foreclosure activity in Florida continues to be relatively high.

Source: South Florida Business Journal, "Florida foreclosure filings 2nd highest in U.S.," 14 Jul 2011

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