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Foreclosure activity on the rise in Florida

Recently, Bloomberg Businessweek reported on some interesting foreclosure-related statistics. The statistics are from RealtyTrac and they regard foreclosure filings in 2012's first quarter.

The statistics indicate that Florida continues to see a very high level of foreclosure activity as compared to most of the rest of the United States. According to the statistics, in 2012's first quarter, Florida had the second highest total number of foreclosure filings of any state in the country. According to the above-mentioned Bloomberg Businessweek article, the only state which topped Florida was California.

The statistics also indicate that Florida saw a year-over-year increase in foreclosure activity in 2012's first quarter. According to the statistics, Florida's foreclosure filing total in 2012's first quarter was 26 percent higher than the foreclosure filing total the state saw in 2011's first quarter. This is different from the trend the nation as a whole experienced. The nation as a whole reportedly saw a year-over-year decrease in foreclosure filings in 2012's first quarter. This decrease reportedly was a 16 percent decrease.

Thus, the RealtyTrac statistics indicate that Florida is seeing a high level of foreclosures and that foreclosures are currently on the rise in Florida.

The year-over-year rise in foreclosure activity that Florida saw in 2012's first quarter gives rise to some interesting and important questions. What was behind this trend? Will Florida continue to see this trend in upcoming quarters? What does this trend mean for homeowners in Florida? It will be interesting to see how these questions are ultimately answered.

Source: Bloomberg Businessweek, "Foreclosure Filings Decline in U.S. to Lowest Since 2007," Dan Levy, April 12, 2012

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