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About 23 percent of Florida’s home loans are either delinquent or in foreclosure, topping the national average of 13 percent and ranking the Sunshine State no. 1 for troubled mortgages.
The data, released late Monday by Jacksonville-based Lending Processing Services, is a review of December mortgage performance.
Nevada ranked second nationwide with 22.4 percent of its homeowners either late on their mortgage payments or in foreclosure.
The report also considered home loans that were current in December 2008, but which had fallen behind as of last month.
Nevada had 13 percent of its loans that were current a year ago now in delinquency _ the highest in the nation _ but Florida ranked second with 9 percent.
Despite the high delinquency rates, the number of foreclosure starts nationwide has declined. Holiday respites given by some banks in December may be the cause for the reduction, but the report found the number of loans deteriorating further into delinquent status is more than three times the volume of foreclosure starts.
Foreclosure starts nationwide in December declined to below 150,000 for the first time in 10 months.
The statistics could lend credence to the concerns of some analysts that a shadow inventory of foreclosures is lurking. The fear is a large release of foreclosures could crash the healing market, driving down home prices while making it flush with inventory.
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Interested bidders can begin registering for Palm Beach County’s online foreclosure auctions Jan. 6 when the site goes live for the first time.
About 150 people attended four training sessions at the courthouse Tuesday, more than initially expected and enough to force two additional sessions to be opened.
Mark Broderick, director of civil county services for the clerk, said a handful of attendees were auction regulars _ real estate investors who make a living with the foreclosure auctions, which are currently held in the courthouse cafeteria.
But many people were novices, who will have better access to foreclosures through the new eBay-like system.
“It’s very similar to what goes on now, it’s just taking it online,” Broderick said.
The auctions are being moved online because of the overwhelming foreclosures flooding the system.
In Palm Beach County, more than 45,000 pending foreclosure cases are in the system, with an average of 2,500 new cases being filed each month.
A Pittsburgh-based company, Grant Street Group, will handle the auctions, which will be paid for with a $60 fee charged to the winning bidder.
Several counties, including Miami-Dade, Lee and Charlotte, have begun using online auctions to cover foreclosure sales.
Palm Beach County’s first online auction will be held Jan. 21. The final “public out-cry” auction in the cafeteria will probably be Jan. 14.
“It’s really changing the dynamics,” said Evan Balash, a plaintiff’s representative who attends auctions. “One of the biggest part of going to sales is the personal interaction.”
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Interested bidders can begin registering for Palm Beach County’s on line foreclosure auctions Jan. 6 when the site goes live for the first time.
About 150 people attended four training sessions at the courthouse Tuesday, more than initially expected and enough to force two additional sessions to be opened.
Mark Broderick, director of civil county services for the clerk, said a handful of attendees were auction regulars _ real estate investors who make a living with the foreclosure auctions, which are currently held in the courthouse cafeteria.
But many people were novices, who will have better access to foreclosures through the new eBay-like system.
“It’s very similar to what goes on now, it’s just taking it on line,” Broderick said.
The auctions are being moved on line because of the overwhelming foreclosures flooding the system.
In Palm Beach County, more than 45,000 pending foreclosure cases are in the system, with an average of 2,500 new cases being filed each month.
A Pittsburgh-based company, Grant Street Group, will handle the auctions, which will be paid for with a $60 fee charged to the winning bidder.
Several counties, including Miami-Dade, Lee and Charlotte, have begun using online auctions to cover foreclosure sales.
Palm Beach County’s first on line auction will be held Jan. 21. The final “public out-cry” auction in the cafeteria will probably be Jan. 14.
“It’s really changing the dynamics,” said Evan Balash, a plaintiff’s representative who attends auctions. “One of the biggest part of going to sales is the personal interaction.”
More than 97,000 foreclosures were filed in 2009 in Palm Beach, Broward and Miami-Dade counties, according to a Condo Vultures report released this morning.
Earlier last year, Condo Vultures was predicting that foreclosures in the tri-county area would surpass 100,000 in 2009, but that estimate was scaled back following new federal loan modification efforts.
“As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures LLC. “The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida.”
While foreclosures didn’t surpass the “psychologically significant” 100,000 mark, they did increase 29 percent compared to 2008.
In 2007, just 32,000 foreclosures were filed in the tri-county area.
Palm Beach County saw a 17 percent increase in foreclosure filings in 2009, reaching 28,592 actions.
In 2008, there were 24,449 actions filed against properties in Palm Beach County.
In 2007, just 9,029 foreclosure actions filed in Palm Beach County, according to the report.