Florida’s Atlantic Coast Communities Face Rising Foreclosures

Posted in Foreclosures, August 31st, 2006 |

Foreclosure filings in Palm Beach, Martin and St. Lucie counties reached a new high for the year in June. Due to rising mortgage costs and insurance rates, new reports show that in Palm Beach County alone, the amount of homes entering some phase of foreclosure went from 849 in June 2005 to 920 last month, an increase of 8 percent.

In Martin and St. Lucie, the number of homes entering the foreclosure process rose at a higher percentage rate, but significantly fewer homes were involved. There was one new foreclosure filing for every 605 homes in Palm Beach County, which is more than double the national average.

However, while Palm Beach and neighboring counties are seeing an increase in the number of homes entering the foreclosure process, statewide, foreclosures are receding from record filings last year. Last month, 8,605 Florida properties reported foreclosure activity, down from 9,778 in June 2005, marking a 12 percent decrease.

Florida now ranks third in the nation behind Texas and California in foreclosure inventory volume, as the state braces itself for the upcoming hurricane season and ensuing property damage.