Foreclosure rates in the State of Florida are on the rise by over 71 percent since 2021, according to new foreclosure data released by real estate company, ATTOM. As a result, Florida now ranks number two for the top five states with the highest level of foreclosure starts.
Rates have been steadily increasing throughout the year as pandemic relief programs have ended. ATTOM reports that 9,284 foreclosure filings were made in the past quarter with 6,671 of these being foreclosure starts. Fortunately, foreclosure starts are still behind where they were before the COVID-19 pandemic hit, even though numbers are starting to rise.
Of the 6,000 foreclosure starts in the State of Florida, approximately 30 percent of them were in the Miami area.
One in every 4,413 properties in the U.S. had foreclosures in September. A total of 21,869 homes started the foreclosure in the month of September. In Florida, one in every 1,063 homes had a foreclosure filing with a total of 9,284 filings.
A total of 92,634 foreclosure filings were made nationwide in the third quarter of 2022. These figures include default notices, bank repossessions, and scheduled auctions. This figure is up three percent from the prior quarter, but even more than that, it is up 104 percent from the previous year.
In the month of September 31,836 foreclosure cases were filed. While ATTOM reported that this was an eight percent decrease from the previous month, it does represent a 62 percent increase from last year.
The only state that saw foreclosures shrink from September 2021 to September 2022 was Vermont.
Lender and bank repossessions have been increasing nationwide. An 18 percent increase has been reported from the second fiscal quarter of 2022.
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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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 McMaken website at www.miamibankruptcy.com.
SOURCE:
U.S. Foreclosure Activity Continues to Increase Quarterly | ATTOM (attomdata.com)