October Foreclosures Rise in Southwest Florida

October Foreclosures Rise in Southwest Florida

The rise in Southwest Florida foreclosures that local experts have predicted has finally arrived. The spike comes as lenders struggle to adapt to a new state law that was designed to hasten the foreclosure process. While an increase was forecast, the numbers are still well below last year's pace.

Lis Pendens filings, the first step in the process for most homeowners, rose in October by over 60% but that is still a 55% drop for 2013.Lenders in Sarasota, Manatee & Charlotte Counties submitted 934 foreclosures in October, an increase of 35% over September but down 42% from 2012.

The new law took effect on July 1st, it's purpose to help push existing foreclosures cases through the local courts faster.The national foreclosure rate has seen an increase of 2% for October but nationwide foreclosures have dropped 28%.

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