13 states are reported to have a higher foreclosure rate than the nation’s average. Of the states that held higher foreclosure rates than the U.S. average, most were located in the Midwest and the South. Florida ranked number one on this list. A recent report by the housing-data company RealtyTrac, sheds more light on these figures.
According to the report, our nation’s foreclosure rate has increased by 1%, from April to May of this year. Compared with May 2014, we have seen a 16% increase. For every 1,041 homes in the U.S., one has had a foreclosure filing for May 2015. This includes notices of default, scheduled auctions and bank repossessions. With the highest foreclosure rate of any state, including the District of Columbia, Florida has remained in this position for the past three months. In Florida, 1 out of every 409 housing units was in foreclosure.
Rising foreclosure rates can be attributed to annual increases in bank repossessions, as states across the nation continue to sift through the multitude of distressed properties. Both lenders and courts have been pushing through stubborn foreclosure cases that have been remained stagnant for years, but these efforts have been exhausted.
Foreclosure starts (the the first foreclosure filing on a property) have also increased by 4% from 2014, but they remain lower than reported pre-crisis levels from 2005 and 2006. Foreclosure starts did show a decline in May, but completed foreclosures continued to increase.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.