Tag: Florida Foreclosure Rates

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Hits 11-Year Low

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During the month of February, foreclosure activity dropped to an 11-year low, according to new data from ATTOM Data Solutions. This was the lowest point since November 2005 and the 17th consecutive month of annual decreases.

Although the nationwide average significantly dropped, there were 10 states that experienced an increase in foreclosure activity in February. States that saw the largest increase include: New Jersey with an increase of 16 percent, Delaware with 14 percent, Louisiana with 12 percent, Alabama with 10 percent and Hawaii with eight percent.

Foreclosure starts were also down 13 percent from February of last year, however some states experienced an annual increase including: Alabama with an increase of 40 percent in foreclosure starts, Texas with an increase of 26 percent, New Jersey with an increase of 24 percent, Florida with an increase of 12 percent, Illinois with an increase of 11 percent and Arizona with an increase of nine percent.

ATTOM Senior Vice President Daren Blomquist said there are two major reasons why some states are still seeing an increase in foreclosure starts. The first reason is due to the backlog stemming from the housing crisis. States such as Florida and New Jersey are still experiencing distress from the bubble-era. The second reason is due to the newly relaxed lending standards in some areas.

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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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Number of Closed Foreclosures in Florida Rank Highest in the Nation

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Florida lenders are completing almost double the amount of foreclosures than any other state.  Florida recorded 53,084 closed foreclosures during the 12-month period ended in September, according to a report from the real estate data provider, CoreLogic.

That accounted for 13 percent of all the completed foreclosures nationwide and was almost double the 27,182 reported in the No. 2 state, Texas.

Florida, one of the states hardest hit by the real estate market crash, posted the sixth-highest inventory of homes in foreclosure in the U.S., with 1.6 percent of homes in some stage of distress.

While there are fewer new foreclosures being filed, Florida still has a sizable backlog of cases in the court system. The sunshine state has the fourth-longest average timeline, at 1,038 days, from to start to finish of a foreclosure.

In Florida, 3.8 percent of all home mortgages are considered seriously delinquent — at least 90 days past due — which tied for the fourth-highest rate in the nation. This number was down by more than one-third over the year.

CoreLogic’s CEO anticipates that heading into 2017, we will see that prices, performance and production — the three most important drivers of the real estate market — will all improve.

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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.

 

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Foreclosure Improvement Still Lagging Behind the National Average

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The nationwide foreclosure filings rate has shown signs of improvement in the first half of 2016. However, the improvement rate in Florida, New Jersey, Illinois, New York and Indiana is still significantly lower than the pre-recession rates and seem to be lagging behind the rest of the country. RealtyTrac released the data from the first two quarters of 2016 that reveal that foreclosure filings are were down 20 percent compared to the previous two quarters in 2015.

Although the foreclosure filings rate is still 21 percent higher than the normal rates, there were 15 states in the first half of 2016 with foreclosure rates that were significantly lower than “pre-housing bust” levels including: Arizona, California, Colorado, Nevada and Michigan.

According to RealtyTrac Vice President Daren Blomquist, the obvious divide between states is largely due to the fact that some states require foreclosures to take place in court, such as Florida. He went on to say, “the root issue that created the dysfunctional foreclosures processes was sloppy and improper documentation on the part of the banks.” Blomquist said that in non-judicial states, “it wasn’t an issue because there wasn’t oversight.”

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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.