Although South Florida has recently shown impressive gains in home prices and sales volume, it still has a long way to go. Corelogic reported that 40.7 percent of the mortgaged homes in the greater Miami area and 39.3 percent of those in the greater Fort Lauderdale area remained underwater in the first quarter. According to the real estate data firm, that is roughly double the national average of 19.8 percent of all mortgaged homes. In Broward County, foreclosure activity spiked 112.8 percent in May from a year earlier. One of every 317 residences in Broward received some sort of foreclosure filing during May, RealtyTrac said.
Much of the foreclosure activity reflects lenders moving forward with cases that were long delayed while regulatory concerns about robo-signing and similar mishandling of delinquent loans were settled. This recent data helps to explain the lack of inventory available in South Florida at present time. Most homeowners are less likely to put their home on the market if that means having to pay out cash at the closing table.
Click here to read more on the latest foreclosure data compiled by Corelogic for South Florida.
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 website, www.miamibankruptcy.com.