Monday, July 16, 2012
The “Sunshine State” tops a recently compiled list of America’s new foreclosure hubs… moving ahead of California.
Florida cities dominate the list published by Forbes. Daren Blomquist with foreclosure research firm RealtyTrac compiled the numbers.
"The premise there was, it was based on the areas that have the most to fear from foreclosures going forward," explained Blomquist.
Blomquist charted which cities have the biggest backlog of foreclosures waiting on the sidelines and where the biggest year-over-year increases in foreclosure activity are happening.
"Actually, that's good news for California," assured Blomquist, "because even though the California markets, many of them have still very high foreclosure rates, the trend is downward in foreclosure activity."
Blomquist also said California doesn't have a big, so-called "shadow inventory" of foreclosures sitting on the sidelines.
He said one major reason is that the foreclosure process in California is more streamlined than in other states where repossessions are processed through the court system - states such as Florida.