Posts Tagged: ‘South Florida’

South Florida Trails in Consumer Debt

December 12, 2013 Posted by kingcade

A recent report from Equifax concludes that a lack of mortgages is what has lead to a decline in consumer debt in South Florida. Debt is down by 4.2%, the greatest drop among the country’s 25 largest metropolitan areas. Out the 25, six posted gains in consumer debt as more people took out mortgage loans and home equity lines of credit following the housing market crash.

Experts say that when it comes to credit card balances and other household debt, the South Florida region has a noticeably smaller share of debt tied to residential real estate. Florida’s large number of foreclosures has significantly effected the rankings since bank seizures essentially wipe out a consumer’s debt on a property. Experts also attribute this to the large number of recent cash purchases in South Florida’s real estate market. These type transactions, that do not create mortgage debt, could also be skewing the numbers.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

South Florida Falls to Number Three in National Foreclosure Rankings

May 29, 2013 Posted by kingcade

According to RealtyTrac Inc., Palm Beach, Broward and Miami-Dade counties fell from number one to number three in the foreclosure rankings. One in every 269 homes in the tri-county region was in some stage of foreclosure last month, RealtyTrac reports. South Florida had 9,127 total filings in April, up slightly from a year earlier, but new cases declined by 35 percent, said Daren Blomquist, a spokesman for RealtyTrac. More than 24,600 Florida homes were in the process of foreclosure last month, down slightly from a year earlier, according to RealtyTrac. Florida had the top foreclosure rate for six months in a row until being surpassed by Nevada in March.

The decline can be attributed in part to lenders getting caught up with delayed foreclosures and banks pushing through the backlog. Florida lawmakers have also passed a bill that would speed up the foreclosure process, forcing homeowners to respond more quickly to filings and giving homeowners’ associations more power in process. Opponents of the bill argue that it will strip homeowners of their rights and favors the banks, who have been accused of engaging in questionable foreclosure practices.

Click here to read more about South Florida falling to number three in the national foreclosure rankings along with new legislation aimed to speed up the foreclosure filing process in 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.

South Florida Families Struggle with High Cost of Living

May 7, 2013 Posted by kingcade

According to a recent report by the Center for Housing Policy, approximately 41 percent of the low to moderate-income households across the three South Florida counties are spending more than half of their incomes on housing. Financial experts recommend families devote no more than 30 percent of their paycheck to housing costs. Although the economy in South Florida has shown signs of recovery in unemployment rates and lower home prices, the rental market and lack of salary growth are keeping housing costs high across Miami-Dade, Palm Beach and Broward counties.

According to the 2011 U.S. Census data, some of the factors contributing to high housing costs include:

• Property owners taking control of the rental market.
• Former homeowners not qualifying for mortgages because of poor credit.
• Some would-be buyers either not having enough money for a down payment or facing a shortage of properties for sale.

Click here to read more about South Florida families struggling with the high cost of housing.

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, Kingcade & Garcia, P.A.

Nearly Half of South Florida’s Children Living in Poverty

February 13, 2013 Posted by kingcade

A recent study done by the U.S. Census Bureau suggested that 44 percent of South Florida’s children are living in poverty. The study consisted of Broward, Palm Beach and Miami-Dade counties and showed that more than half a million children under the age of 18 live in low-income households. According to the National Center for Children in Poverty at Columbia University, a single mother with one child that makes an annual income of $30,260 or less is considered a low-income household.

South Florida was one of the hardest hit areas in the country during the recession. The median household income fell 14 percent in five years, according to Census data. The median household income in Broward and Palm Beach counties fell to approximately $48,900 in 2011. Also, the number of people on food stamps in Broward and Palm Beach counties has almost tripled since 2007. Families in South Florida have reportedly cut $10,000 out of their budget in the past two years. Younger parents have been hit the hardest since they typically earn less than older parents. South Florida’s poverty rates are consistent with the nation’s average, because approximately 45 percent of children under the age of 18, nationwide, are living in low-income households.

To read more on this story visit: http://www.sun-sentinel.com/business/consumer-talk-blog/sfl-south-florida-children-low-income-20130205,0,4870932.story

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

South Florida Foreclosure Sales Skyrocket

December 12, 2012 Posted by kingcade

During the third quarter of 2012, foreclosure sales skyrocketed according to recent data from RealtyTrac. Foreclosure sales in Miami-Dade County jumped 43.9 percent from the second to the third quarter this year. Since the third quarter of 2011, foreclosure sales rose 21.8 percent. Broward County foreclosure sales jumped 38.9 percent since the second quarter of 2012. RealtyTrac’s Daren Blomquist said the trend is happening throughout most of the state.

The collected data includes the sale of both bank-owned properties and also short sales. Foreclosure-related sales accounted for 32.5 percent of all home sales in Miami-Dade County during the third quarter. These sales accounted for 25.2 percent of all home sales in Broward County during the third quarter. Statewide, foreclosure sales jumped 47 percent from the second to the third quarter.

To read more on this story visit: http://miami.cbslocal.com/2012/12/08/foreclosure-sales-continue-to-rise-across-south-florida/

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.