Florida foreclosures down 62%

Across Florida, there were 62% fewer foreclosure filings in the first quarter of 2011 than in 2010's first quarter. But researchers at RealtyTrac, which provided today's updated data, say the state's reported totals don't tell the full story.

“Processing delays continued to keep foreclosure activity artificially low,” RealtyTrac said, because Florida relies on a judicial process to handle its foreclosure filings. Regardless, 9% of all U.S. foreclosures occurred within the state.

The Gulf Coast's three largest metropolitan areas — Tampa-St. Petersburg-Clearwater, Sarasota-Bradenton-Venice, and Cape Coral-Fort Myers — saw a combined 15,233 filings in the first three months of 2011, representing roughly a quarter of the state's total activity.

Cape Coral had the highest rate of foreclosures as a percentage of total housing units, at 1.16% (one in 86 homes), followed by Sarasota (0.65%, or one in 155 homes), and Tampa (0.63%, or one in 155 homes).

But foreclosure rates did slow down significantly compared to last year's first quarter. Filings were down 59%, 60%, and 56% in each of those respective markets.