Florida property saw another surge in the number of foreclosures as the overall rate of repossessions across the US hit a record high, according to new figures.

Housing research firm RealtyTrac said the national rate in April was one per cent up on March, at one in every 374 homes.

Florida’s rate increased by 37 per cent on a month-on-month basis to one in 135 homes, the second highest level of any state after Nevada, with the annual rate of foreclosures up 75 per cent on April 2008.

Such a situation could mean a greater availability of bargains for those seeking a Florida property.

Commenting on the situation, CNN Money suggested now may be a good time to buy a home, noting RealtyTrac’s forecast that foreclosure activity will start to slow as this year goes on.

However, it advised, issues such as the standard of a home and the sort of amenities the neighbourhood has are considerations purchasers should take into account as well as price.

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