Collier County is bucking the trend and posting declining foreclosure rates.
In November, foreclosure filings decreased in the majority of states.
Definitely not Florida, according to a recent article by Mark Gordon of Business Observer.
The Sunshine State, together with Nevada and Connecticut, stands out by experiencing increases in residential foreclosure filings, as indicated by the November Foreclosure Market Report from the land, property, and real estate analytics firm Attom. In November, the report indicates that there were 29,390 U.S. properties with foreclosure filings, which include default notices, scheduled auctions, or bank repossessions. That’s a decrease from 9% a year ago and a reduction of 5% since October.
“The modest decrease in U.S. foreclosure activity in November likely indicates the seasonal downturn we typically observe during this period,” states Attom CEO Rob Barber.
In November, there was a foreclosure filing for one out of every 4,795 housing units across the nation. In Florida, the foreclosure filing rate stood at one for every 3,047 units. That ranks just behind Nevada, which recorded one foreclosure filing for every 2,941 housing units, as stated in the Attom report. In November, the report indicated that Miami experienced a foreclosure filing rate of one for every 2,551 housing units. That represented the fourth-highest rate in the nation.
The foreclosure rate in November showed a varied pattern across the individual counties on Florida’s west coast. Charlotte County recorded the highest number of foreclosures among the nine counties in the Business Observer’s coverage area, totaling 423 in November. The report indicates an increase of 442.31% compared to October and 819.57% year over year. The county’s 423 foreclosure filings in November are notably higher than those of any other county in the region, with Hillsborough being the nearest competitor at 254.
In Manatee County, located two counties to the north, the data presents a stark contrast: November saw 24 foreclosures, reflecting a 40% decrease from October and a 31.43% decline compared to the same month last year. Collier and Polk counties also reported declines in foreclosure rates both monthly and year-over-year.
Florida, on the other hand, is also close to the end of foreclosure starts. In November, lenders began 2,438 foreclosure proceedings in Florida, according to the Attom report, placing the state just behind Texas, which holds the top position in this category. Florida leads California, New York, and Pennsylvania in the number of foreclosure starts.
| Foreclosures in November | |||
| County | November Foreclosures | Change from October | Change from November 2023 |
| Charlotte | 423 | 442.31% | 819.57% |
| Hillsborough | 254 | 61.78% | 43.5% |
| Lee | 122 | 24.49% | 56.4% |
| Pasco | 101 | 8.6% | 74.14% |
| Polk | 92 | -45.56% | -36.11% |
| Pinellas | 89 | 43.55% | 7.23% |
| Sarasota | 51 | 4.08% | 6.25% |
| Manatee | 24 | -40% | -31.43% |
| Collier | 14 | -51.72% | -36.36% |
This article originally appeared on Business Observer.