Florida bumped back into the top spot nationally for foreclosure activity in May, but the milestone isn’t based on a surge of new cases. Increases in foreclosure sales -- a signal the state is working through its housing glut -- largely contributed to the first-place ranking.
Palm Beach County foreclosure sale notices were up 38 percent in May compared to the previous year and up 79 percent statewide, according to a report released this morning from the property data analysis firm RealtyTrac.
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The percent of underwater homes in Palm Beach County and statewide is steadily declining, but Florida still ranks second in the nation for homeowners who owe more on their mortgages than their homes are worth.
The top 5:
Nevada, 45.4 percent
Florida, 38.1 percent
Michigan, 32 percent
Arizona, 31.3 percent
Georgia, 30.5 percent
Top five foreclosure states in May