Florida lenders are completing almost double the amount of foreclosures than any other state. Florida recorded 53,084 closed foreclosures during the 12-month period ended in September, according to a report from the real estate data provider, CoreLogic.
That accounted for 13 percent of all the completed foreclosures nationwide and was almost double the 27,182 reported in the No. 2 state, Texas.
Florida, one of the states hardest hit by the real estate market crash, posted the sixth-highest inventory of homes in foreclosure in the U.S., with 1.6 percent of homes in some stage of distress.
While there are fewer new foreclosures being filed, Florida still has a sizable backlog of cases in the court system. The sunshine state has the fourth-longest average timeline, at 1,038 days, from to start to finish of a foreclosure.
In Florida, 3.8 percent of all home mortgages are considered seriously delinquent — at least 90 days past due — which tied for the fourth-highest rate in the nation. This number was down by more than one-third over the year.
CoreLogic’s CEO anticipates that heading into 2017, we will see that prices, performance and production — the three most important drivers of the real estate market — will all improve.
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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 www.miamibankruptcy.com.