Florida’s fast-track foreclosure law, which went into effect July 1, continued to slow new filings in August as lenders and law firms get up to speed on new requirements.
RealtyTrac issued a report this morning that measured 5,220 new foreclosures filed statewide in August, a 65 percent decrease from the previous year and the lowest level since the company began issuing its report in 2005.
In Palm Beach County, lenders filed to foreclose on just 578 homes last month, down 61 percent from August 2012, according to the county clerk’s office.
The decrease in new filings knocked Florida from first to second place in the national foreclosure rankings. Still, six Florida cities made it onto the top 10 list for high foreclosure rates when the number of sale notices and bank repossessions are counted. Port St. Lucie led the nation, but others in the top 10 included Jacksonville, Miami, Ocala, Tampa and Orlando.
Florida did see an increase in the number of homes that completed the foreclosure process in August. About 8,440 homes were repossessed, a 48 percent increase from August 2012 and an 11 percent increase from July.
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