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Foreclosures drop in South Florida, but remain highest in nation

Although recent years have yielded significant improvements in the housing market, the high rate of foreclosures remains a major concern in South Florida and throughout the state. In fact, Florida currently leads the nation in number of foreclosures, with more than 60,000 completed as of this June, according to a CoreLogic report in the South Florida Business Journal.

The news isn't all grim for our state, however. Foreclosure filings for Palm Beach, Broward and Miami-Dade counties for July 2016 were down four percent from 2015, dropping from 1,267 from 1,316. While it may not seem like much, it is a considerable drop from a decade ago, when monthly filings were closer to 4,000.

Statistics for the tri-county area look even better for bank repossessions. These have dropped 72 percent in July compared to the previous year.

Complete research data for South Florida has been compiled by ATTOM Data Solutions, who also report on new foreclosure filings, scheduled auctions and bank repossessions for states nationwide. 

It is believed that many of the foreclosures that are showing up today in bank repossessions are on mortgages left over from the downturn of the housing market. Lower mortgages and increased consumer confidence are thought to be catalysts for future market improvements.

It's important to remember that a foreclosure filing does not automatically result in a bank repossession. There are strategies that can help you avoid foreclosure or to stop the foreclosure process entirely. With help from an experienced attorney, you can explore your options and foreclosure defense strategies.


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