Once a foreclosure hotbed during the U.S. economic downturn, South Florida’s housing market continues its recovery in the New Year. The number of homes in some stage of foreclosure reached 3,063 during January, according to RealtyTrac. That is approximately one in every 808 homes- a rate that has fallen by 45 percent compared to January 2015.
Miami-Dade had the most foreclosures out of South Florida’s three counties with 1,358 homes in distress. Broward and Palm Beach counties had 919 and 786 last month. The decrease in foreclosures means South Florida now ranks 22nd in the nation for properties in financial distress.
Nationally, the trend was similar. A total of 95,186 homes were in some stage of foreclosure last month, a decline from 11 percent compared to the same month a year ago. The U.S. is now at its lowest foreclosure rate since 2008, according to RealtyTrac.
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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.
South Florida is suffering from some of the region’s worst foreclosure rates; three times higher than the national rate. While 90-day delinquency rates declined slightly in September, reports show that foreclosure activity did not vary much from year to year, according to CoreLogic, a leading provider of consumer, financial and property information.
Miami-Dade County’s foreclosure rate topped the charts in South Florida, at 18.22 percent in September, up 0.59 percent from a year ago. Other counties in the region range from 12.91 to 14.41 percent. The national foreclosure rate was at 3.48 percent in September.
The 90-day delinquency rate for Miami-Dade County was at 25.18 percent, more than three times that of the rest of the country. Broward County’s rate was at 20.6, while Palm Beach reported 18.21 percent.
The distressed sales in the housing market continue to weigh down South Florida. Miami-Dade County had just a slight price increase for home sales in October. In contrast, Broward and Palm Beach counties numbers continue to drop.
Despite the fact that Florida continues to suffer in the market, it has not topped the rankings for housing depreciation. Nevada led with a 12.1 percent drop for the 12 months, which ended in October.
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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.