Foreclosure Filings Hit Nine-Year Low

January 26, 2016 Posted by kingcade

The U.S. reportedly had 1,083,572 foreclosures in 2015, down three percent from 2014, according to RealtyTrac. This is the lowest annual total since 2006. The report includes default notices, scheduled auctions and bank repossessions.

Last year was also the second consecutive year where the annual foreclosure rate was below one percent of all housing units. Data showed that one in every 122 homes or 0.82 percent had at least one foreclosure filing in 2015.

The report also showed data for individual months, revealing that December 2015 foreclosure filings were down one percent from the previous month. It was also the sixth consecutive month foreclosure filings decreased.

RealtyTrac’s Vice President, Daren Blomquist said, “In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis.”

Florida was among the top five states with the highest rate of foreclosure in 2015 with 1.77 percent. New Jersey was the only state with a higher percentage of housing units in foreclosure at 1.91 percent. Maryland followed closely with 1.60 percent, Nevada with 1.40 percent and Illinois with 1.26 percent.

Tampa, Jacksonville and Miami reportedly had the highest foreclosure rates of any of the metro areas in Florida.

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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

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