South Florida had a sharp decrease in foreclosure filings in November, losing its spot on the “Top 10 states with the highest number of foreclosures,” according to RealtyTrac’s foreclosure report. There was one foreclosure filing per 645 homes in South Florida, ranking 12th among metro areas. The region once had the highest foreclosure rate in the nation. However, with property values rising, homeowners who were previously underwater have been able to refinance or sell their homes.
Banks are continuing to work through the backlog of foreclosures. The recent numbers mean the share of active foreclosures tied to the housing bubble burst are shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. It continues to decrease from 61 percent earlier this year and 75 percent two years ago, according to Daren Blomquist, VP of RealtyTrac.
There were 3,824 South Florida foreclosure filings in November, down 38.9 percent from the same month a year ago. This total includes new lawsuits, judgments and repossessions. Repossessions accounted for the largest amount at 1,845, as most of the foreclosures are in their final stages.
Atlantic City, New Jersey led the nation in foreclosure filings with one foreclosure every 307 homes.
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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.