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Florida rank: 1 90+ Day Delinquency Rate Foreclosure Rate december 2012 4.02% Unemployment Rate 11.56% 8.0% year ago 4.48% 14.13% 9.9% percent point change -10.2% -18.2% -19.2% Top County OkeeChObee COunTy 90+ Day Delinquency Rate Foreclosure Rate december 2012 4.08% 17.25% year ago 4.32% 17.92% percent point change -5.5% -3.7% Top Core-based Statistical Area OkeeChObee, FL 90+ Day Delinquency Rate Foreclosure Rate december 2012 4.08% 17.25% year ago 4.32% 17.92% percent point change -5.5% -3.7% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Florida Adriana M Aleman, MBA Florida Dreams Realty Group aaleman@floridadreamsrealty.com Cell 321 689 6258 www.floridadreamsrealty.com MEMBER FROM THE BENCH Florida Supreme Court Sides with Bank in Foreclosure Fraud Case After much speculation and anticipation, the Florida Supreme Court gave its answer to a highly contested question that asks whether a bank could voluntarily dismiss a foreclosure case without consequence if fraudulent 86 foreclosure documents were found and then refile the case at a later time. In the opinion, released February 7 for Roman Pino v. the Bank of New York Mellon (BKNY Mellon), the court sided with BKNY Mellon, emphasizing there was no adverse impact on the homeowner as a result of the bank���s voluntary dismissal of the foreclosure case. According to the Supreme Court���s opinion, the bank first attempted to foreclose on Pino in 2008 and later filed an amended complaint in 2009. However, the bank filed a notice of voluntary dismissal after Pino alleged the bank submitted a fraudulent mortgage assignment and scheduled depositions with employees of the bank���s law firm regarding the assignment. Five months after serving the notice of voluntary dismissal, the bank refiled a foreclose action against Pino. Pino then sought to strike the bank���s notice of voluntary dismissal on the grounds of fraud, but a trial court rejected Pino���s argument. ���[T]he trial court has jurisdiction to reinstate the dismissed action only when the fraud, if proven, resulted in the plaintiff securing affirmative relief to the detriment of the defendant and, upon obtaining that relief, voluntarily dismissing the case to prevent the trial court from undoing the improperly obtained relief,��� the Supreme Court opinion stated. The Supreme Court also pointed out the bank did not gain anything either, aside from finding protection against ���abuse of the KNOW THIS Florida cities account for six out of the top 10 metro foreclosure rates. Ocala, Florida tops the nation with the highest foreclosure rate in January among metropolitan statistical areas with a population of 200,000 or more with Miami coming in at No. 2. judicial process.��� Prior to the court���s decision, Pino had already settled the matter with the bank and was able to keep his home. The court���s opinion reaffirms a prior decision from the Fourth District Court of Appeal. IN THE NEWS Foreclosure Process Among Top Legislative Priorities for Florida Realtors Realtors in Florida are no strangers to the economic impact of foreclosures. So, it���s no surprise the Florida Realtors addressed the state���s judicial foreclosure process in its list of five legislative priorities for 2013. According to recent data from CoreLogic, the state���s foreclosure inventory rate is at 10.1 percent, the highest among any other state. And, in a one-year period ending in December, the state has seen about 98,000 properties lost to the foreclosure process, the second highest in the country. Assisting in the buildup for foreclosures is the state���s lengthy foreclosure timeline. According to the association, the average length of time between the first foreclosure filing and bank repossession is 676 days, while the national average stands at 318 days. ���Backlogs are especially heavy in circuit courts in South Florida because of a higher volume of foreclosures compared to other parts of the state,��� Florida Realtors stated. Rep. Kathleen Passidomo (R-Naples) reintroduced HB 87 earlier this year in January. One provision includes more stringent paperwork requirements for banks, requiring them to certify they hold the correct documents to execute a foreclosure. Another provision gives lienholders, such as condo associations, authority to expedite the foreclosure process. The bill also includes a protection for consumers by giving lenders less time to pursue a deficiency judgment���one year rather than five. ���Florida Realtors wants to ensure that any alternative procedures designed to speed up the foreclosure process in uncontested or meritless cases have safeguards that protect all parties,��� the group stated. Another issue on the Florida Realtors��� priorities list was commercial rental tax. The association explained the state is the only to charge a tax for commercial rents, with tenants paying 6 percent tax on rent.