A report released by CoreLogic revealed that the housing market is improving in South Florida. Both property foreclosures and delinquent mortgages are down from previous years.
The foreclosure rate in Broward County decreased 2.01 percent in November 2015 compared to November 2014. Approximately 2.55 percent of mortgages in Broward County were in foreclosure this year, down from 4.56 percent the previous year.
Palm Beach County had the lowest foreclosure rate at 1.95 percent. This is down from 3.49 percent the previous year. Miami-Dade County’s foreclosure rate dropped from 4.8 percent to 3.12 percent.
South Florida’s rate of improvement was higher than the average rate in the country. However, the actual number of foreclosures remained substantially higher in the area. The national foreclosure rate fell from 1.49 percent to 1.17 percent.
The number of mortgage loans that were at least 90 days delinquent also improved in South Florida and across the country. Broward County’s delinquency rate was 6.29 percent, down from 9.50 percent; Palm Beach County’s rate was 4.75 percent, down from 7.54 percent and Miami-Dade County’s rate dropped from 10.67 percent to 7.25 percent. The average rate across the country dropped from 4.14 percent to 3.25 percent.
The improvements in the market are good news for today’s buyers. Lenders are using a stricter underwriting process to avoid lending to risky borrowers, which experts attribute to the decrease in foreclosures. Property values are on the rise, restoring equity and confidence among homeowners and buyers.
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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