Posts Tagged: ‘Florida Housing Market’

Foreclosure Inventory Hits “Pre-Crisis” Level

March 3, 2017 Posted by kingcade

According to CoreLogic, 21,000 U.S. home foreclosures were completed in the month of December.  This number is equal to the average number of monthly foreclosures for the first time since the housing market crashed in 2007.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (45,000), Michigan (30,000), Texas (24,000), Ohio (21,000) and California (19,000). The five with the fewest foreclosures in the prior 12 months through December were North Dakota (182), District of Columbia (254), West Virginia (312), Montana (630) and Alaska (668).

Of the 10 largest U.S. metro areas, the foreclosure inventory was highest in the New York area, at 2.5%. The Miami metro area’s foreclosure inventory totaled 2.0%, with the Las Vegas metro and Chicago each at 1.1%. The lowest totals were posted in the San Francisco (0.1%) area and in Denver (0.2%).

Foreclosure and delinquency trends continue to move in the right direction, a result of increasing employment levels, stricter underwriting standards and higher home prices over the past few years, according to CoreLogic’s CEO Anand Nallathambi.  Further declines in foreclosure and delinquency rates are expected in 2017.

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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.

 

Why You Shouldn’t Panic about Rising Mortgage Rates

December 20, 2016 Posted by kingcade

Although mortgage rates have been on a steady rise in recent months, buyers should not panic because rates are still historically low. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage rose to 4.16 percent, up from 4.13 percent last week. This is up from 3.97 percent last year. This means buyers will pay approximately $21 more per month compared to a year ago on a $241,000 mortgage with a 20 percent down payment.

According to economists, the rise in interest rates should not deter potential buyers. In 1996, the average rate was 5.67 percent and in 1990 it was 10.13 percent. However, for the past ten years rates have been under five percent.

Mortgage rates are forecasted to gradually increase throughout 2017. As a result, home prices are also expected to rise.

“The era of ultra-low interest rates is over,” said Lawrence Yun, chief economist of the National Association of Realtors. “The short-term rate hike will be followed by several additional rounds of increases in 2017 and 2018. Despite these moves, mortgage rates will not rise alarmingly.”

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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.

 

 

Florida Foreclosure Improvement Still Lagging Behind the National Average

July 29, 2016 Posted by kingcade

The nationwide foreclosure filings rate has shown signs of improvement in the first half of 2016. However, the improvement rate in Florida, New Jersey, Illinois, New York and Indiana is still significantly lower than the pre-recession rates and seem to be lagging behind the rest of the country. RealtyTrac released the data from the first two quarters of 2016 that reveal that foreclosure filings are were down 20 percent compared to the previous two quarters in 2015.

Although the foreclosure filings rate is still 21 percent higher than the normal rates, there were 15 states in the first half of 2016 with foreclosure rates that were significantly lower than “pre-housing bust” levels including: Arizona, California, Colorado, Nevada and Michigan.

According to RealtyTrac Vice President Daren Blomquist, the obvious divide between states is largely due to the fact that some states require foreclosures to take place in court, such as Florida. He went on to say, “the root issue that created the dysfunctional foreclosures processes was sloppy and improper documentation on the part of the banks.” Blomquist said that in non-judicial states, “it wasn’t an issue because there wasn’t oversight.”

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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.