The Andres Lopez Law Firm
Se Habla Español

South Florida 6th in U.S. in home foreclosure rate

Once again, the numbers indicate that Florida’s rate of foreclosure is going down significantly -- but the state still has a long way to go.

The Miami Herald reported on July 15 that one out of every 87 homes Miami-Dade, Broward and Palm Beach counties are in foreclosure, based on data from the first half of 2015. That gives South Florida the sixth-worst foreclosure rate of any metropolitan area in the U.S., suggesting that the area still is behind most of the rest of country in recovering from the housing crisis.

Diving even deeper, it appears that foreclosure is affecting lower-income South Florida neighborhoods the most, where homeowners are perhaps more likely to run into problems paying their mortgages.

Meanwhile, eight of the cities with the top 10 home foreclosure rates were in Florida, including Tampa, Jacksonville and Ocala. Still, as we have said before, the worst of the crisis in South Florida appears to be over; new foreclosure filings have fallen 30 percent over the past year. The Herald quotes an economist who predicts that foreclosures will continue to go down “as long as the economy improves.”

One reason so many foreclosure cases are lingering in Florida is because of a quirk in state law that requires a judge to sign off each case, which can slow down the process, even with the “foreclosure courts” set up to deal with the huge backlog created by the foreclosure crisis.

Trends aside, when an individual homeowner receives notice of foreclosure, it can be a scary and uncertain time. One of the best things you can do to protect yourself is to call a foreclosure attorney as soon as possible.

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