The Andres Lopez Law Firm
Se Habla EspaƱol
954-417-8856

Florida still ranks high while nationwide foreclosures decline

The past few years have not been kind to homeowners in Florida. Despite declines in national foreclosures, those in Florida remain high. In fact, even after a 30 percent drop in delinquencies, almost 4 percent of home owners in the state are behind on their mortgage payments by 90 days or more. The national rate for delinquencies is 2.6 percent.

Florida ranked sixth in the nation with over 53,000 home foreclosures completed in the past year. The length of time for a foreclosure to be completed in Florida is the fourth longest in the country. On average, it takes 1,038 days, and the court system is currently dealing with a backlog of foreclosures waiting to be completed.

Nevertheless, economists are encouraged to see declines in delinquencies for three straight months, and they feel this shows that the housing market is rebounding. Foreclosures across the country fell by 21 percent over the past year, but 13 percent of those happened in Florida. Economists say that when houses complete the foreclosure process and are placed on the market, they boost the inventory. However, in some areas of the state, only 5.8 percent of home purchases last year were foreclosed homes.

While this recent news may seem good for the overall economy, it may bring little encouragement to a person who is part of the 4 percent whose homes are in foreclosure. As bills, phone calls and warnings continue to come in, a homeowner is likely to feel defeated and worried about losing his or her home. Many turn to a lawyer with experience in finding alternatives to foreclosures. An attorney who is dedicated to keeping people in their homes will develop an aggressive strategy to bring about a positive solution.  

Source: heraldtribune.com, "Closed foreclosures in Florida still highest nationally", John Hielscher, Nov. 14, 2016

No Comments

Leave a comment
Comment Information

Our Office Locations

Coral Springs Office
7351 Wiles Road
Suite 101
Coral Springs, FL 33067

Toll Free: 800-785-1738
Phone: 954-417-8856
Fax: 877-395-7558
Map & Directions

Fort Lauderdale Office
101 Northeast 3rd Avenue
Suite 1500
Fort Lauderdale, FL 33301

Toll Free: 800-785-1738
Fax: 772-237-3779
Map & Directions

Back to Top