As the local housing market continues to recover from the economic downturn of 2008, foreclosure rates have decreased in two South Florida counties.
According to a recent report by the property analytics firm CoreLogic, the percentage of Miami-Dade homes in foreclosure for May 2015 was 3.68%. This is positive news, since the percentage had been 3.88% in April 2015. Looking back one year, we see an even bigger decrease from 6.61% in May 2014.
Also, according to CoreLogic’s report Broward County foreclosures have decreased as well. This past May, we saw 3.35%, down from 3.54% in April. Similar to Miami-Dade, there was a significant drop from 6.14% recorded in May 2014.
Although the numbers of Miami-Dade and Broward County foreclosures have dropped, both counties still hold a higher percentage of foreclosed homes than Florida’s statewide numbers. As a whole, Florida’s foreclosure rate is at 2.89%. The U.S. national rate is 1.29%.
Earlier this month, another report revealed that Miami-Dade, Broward and Palm Beach combined hold the sixth highest foreclosure rate in the nation. While the numbers are still considered high, experts remain positive that the amount of foreclosed homes in South Florida will continue to decrease.
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.