Florida posted the highest foreclosure rate in the nation during the first six months of the year, according to a new report from RealtyTrac, which counts new lawsuits, judgments and repossessions as foreclosure filings.
“Less-disciplined loans originated during the last housing boom continue to account for the majority of distress still hanging over the housing market, with two-thirds of all loans in foreclosure on loans originated between 2004 and 2008,” said Daren Blomquist, vice president at RealtyTrac. “An increasing number of these failed bubble-era loans finally exited the foreclosure process in the first half of 2015, resulting in accelerating bank repossessions that are still well above pre-crisis levels along with record-long average foreclosure timelines for properties foreclosed in the second quarter.”
