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Foreclosures down in Lee County, Florida

If Lee County is any indication, the foreclosure crisis in Florida is continuing to recede. A recent report informs us that lenders began foreclosure proceedings on 136 properties in November, down significantly compared with October.

The Southwest Florida Real Estate Investment Association reported this figure, and noted that there were 179 new foreclosure lawsuits in the county in October. As we have discussed in this blog before, foreclosures are trending downward throughout the state, though Florida’s foreclosure rate remains higher than most of the rest of the country.

This trend contrasts with the years 2008 to 2012, when foreclosures were a huge problem across the U.S., including here in Florida. One real estate broker said that foreclosure becoming increasingly rare is the “new normal” in the state. A real estate agent said it had been around a year since he was involved in a foreclosed home purchase, after doing “a lot” of such deals in 2008 and 2009.

Meanwhile, home buying appears to be up in Lee County, while new building permits are down.

Though the risk of getting foreclosed upon may not be as high as it once was, many people are a bad month or two away from facing the loss of their home. If this happens, lenders may not want to listen to offers of making adjustments to the mortgage or other ways of settling the dispute. An experienced foreclosure prevention attorney can help protect the homeowners’ rights, and possibly uncover illegal activity by the bank, which could cause the foreclosure to be dismissed.

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