For the past six months, new foreclosure cases have increased 6 percent in South Florida. Miami-Dade, Broward and Palm Beach counties had 7,354 new cases from March through August, compared with 6,934 during the same period of 2015, according to a report from ATTOM Data Solutions.
The recent increase is a sign that there is still distress in the South Florida housing market. Despite the increase, the number of new cases still remains below pre-recession levels. The number of foreclosures peaked in South Florida during 2009, when 133,250 new cases were filed, according to ATTOM Data Solutions.
Home prices bottomed out by the end of 2011, causing an increase in sales to buyers looking to capitalize on the bargains, which ultimately helped the housing market recover. During that time, the job market and the economy improved as well. With home sales leveling in recent months, some analysts predict the housing market has peaked and is facing an inevitable slowdown, which could mean more delinquencies.
But thanks to better underwriting standards, interest rates remaining low and incomes gradually increasing; this will not come close to mirroring the housing collapse of 2006-2011.
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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.
