Florida foreclosures Archives - Page 3 of 3

Debt Relief, Foreclosures, Timothy Kingcade Posts

October Shows Surprising Increase in Foreclosures

Posted on November 15, 2016by Admin

Foreclosure filings increased in October from the previous month in Southwest Florida and the recent Florida Supreme Court ruling could lead to even more foreclosures in the coming months. Lenders reported 469 foreclosure actions last month in Sarasota, Manatee and Charlotte counties- up 33 percent from September.

According to the October 2016 Foreclosure Market Report from ATTOM Data Solutions, a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions took place in October. This is up 27% from September’s 129-month low, but it is still down 8% from last year.

The state with the highest foreclosure rate is Delaware, with one in every 355 houses having a foreclosure filing, followed by New Jersey with one in every 564 housing units, Maryland with one in every 679 units, Illinois with one in every 704 units and South Carolina with one in every 801 units.

Florida could soon be joining the states with the highest number of foreclosures, given the October ruling by the state supreme court, which favors lenders and allows them to re-file a foreclosure action against a homeowner in default even if a previous foreclosure case against that homeowner was dismissed and that original foreclosure case was filed more than five years ago, outside the state’s statute of limitations for foreclosure.

The loans used in the housing recovery that are most susceptible to foreclosure are the FHA and VA with low down payments. Data from ATTOM Data Solutions shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015.

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.

Related Resources:

http://www.heraldtribune.com/news/20161110/foreclosure-filings-rise-in-october

http://www.housingwire.com/articles/38512-october-shows-surprising-30-increase-in-foreclosures

Debt Relief, Foreclosures, Timothy Kingcade Posts

‘Zombie’ foreclosures decline across the country- but not in some states

Posted on September 14, 2016by Admin

As the foreclosure crisis winds down, some consequences of the crash continue to loom in neighborhoods across the country. ‘Zombie foreclosures’- properties that are still in the process of foreclosure but remain vacant- fell in the third quarter, and make up 4.7% of all foreclosures- down 9% from a year ago.

Among the top ten states for zombie foreclosures, there have been some big declines: zombies are down 28% in Florida, 26% in California, and 14% in Illinois compared to a year ago. But they are up 6% in New York and 3% in Massachusetts.

The number of vacant bank-owned properties jumped 67% in the third quarter compared to a year ago, to 46,604, according to Attom Data Solutions.

Coincidentally, the states with the greatest number of properties in foreclosure are the states with the greatest number of zombies. These states are also judicial foreclosure states (states that require foreclosures go through a court process), and include New York, New Jersey, Florida, Illinois, and Indiana.

States that go through the court process provide greater protections to homeowners, but take longer to complete. The lengthy process increases the likelihood that a foreclosure will become a zombie. But the recent turn in the housing market and our nation’s economy has given struggling homeowners more of an incentive to fight to save their homes.

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Debt Relief, Foreclosures

Florida can’t shake its High Foreclosure Ranking

Posted on May 10, 2016by Admin

Even though the numbers are shrinking, Florida can’t seem to shake its spot at the top of the nation for foreclosures. The state accounts for approximately 15 percent of all foreclosures nationwide. Mortgage lenders closed on 71,644 foreclosures in Florida during the 12-month period that ended in February, according to CoreLogic. That total was down by more than 41,000 foreclosures, or 37 percent, from 2015.

Florida’s foreclosure inventory (i.e. – mortgaged homes in some stage of the foreclosure process) was 2.2 percent in February, the fourth-highest in the nation. While that number is down from 3.4 percent over the year, it remains double the U.S. rate of 1.1 percent.

Nationwide, completed foreclosures have dropped by 10 percent and the foreclosure inventory has fallen by 24 percent. Statewide, 5.1 percent of all mortgages are considered seriously delinquent — at least 90 days past due — the third-highest level in the nation.

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Foreclosures, Timothy Kingcade Posts

Foreclosures and Delinquent Mortgages Decline in South Florida

Posted on February 5, 2016by Admin

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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Foreclosures, Timothy Kingcade Posts

‘Zombie’ homes a growing problem in Florida neighborhoods

Posted on October 10, 2014by Admin

A bank forecloses on a home, the residents pack up and leave and the city is left to clean up the mess. These abandoned homes in foreclosure limbo, referred to as zombie homes are haunting a number of Florida neighborhoods. These properties are often uninhabitable because they have fallen into such disrepair, and the owners are unwilling to fix them up because with the outstanding mortgage payments, the bank can still come back and foreclose on the property.

By hand-picking which foreclosures they complete and which they ignore, banks are strapping individual borrowers with a permanent, inescapable debt while creating slums in already struggling communities. These vacant homes often attract drug dealers and squatters and bring down the value of surrounding properties.

The financial crisis resulted in many homeowners walking away from their properties when they got their initial foreclosure notice, seeking to avoid being evicted, not realizing that the process could take years.

Zombie foreclosures have become more widespread in recent years throughout the country, but are especially prevalent in Florida, where as of June 2, 48,630 homes in some stage of foreclosure sat vacant, according to RealtyTrac. That accounts for a third of the 141,406 vacant foreclosed properties nationwide!

According to real estate experts, zombie foreclosures come in two forms:

1.) The unintentional “byproduct” of Florida’s judicial foreclosure process, which can take months and result in “properties sitting in limbo;”

2.) Intentional delay by lenders, who file a foreclosure case so they do not lose the option to do so when the statute of limitations runs out. However, these lenders do not move forward because completing the foreclosure would not be financially viable.

Zombie homes can haunt homeowners- and neighborhoods for years, having a negative impact on cities. When homeowners and banks walk away from a property, the city is left with the responsibility of the home.

The Justice Department has taken some responsibility. Bank of America and JPMorgan Chase & Co. each agreed to forgive loans when they decide not to pursue foreclosure and have helped cities pay to demolish the abandoned homes. The agreements, however, contain no specific monetary obligation and instead fall under broad consumer relief payments.

Florida cities like Jacksonville and St. Petersburg have borne the burden. Jacksonville demolished 113 homes that were vacant and unsafe in 2013. In 2014, the city bulldozed another 60 properties. It is estimated that St. Petersburg will demolish 100 houses this year. Officials have said the city simply does not have the resources to deal with all of the vacant homes.

Click here to read more on this story…
http://www.publicintegrity.org/2014/09/15/15519/zombie-homes-haunt-florida-neighborhoods

Foreclosures, Timothy Kingcade Posts

Home Prices Continue to Plunge due to an Increase in foreclosure activity and high unemployment

Posted on November 14, 2011by Admin

According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35%, below the peak reached in early 2006. Should this prediction occur, it would make it the most substantial decline for home prices since the housing bubble burst in 2009. Several factors have attributed to the continued decline in housing prices, including an increase in foreclosure activity and sustained high unemployment.
Naples, FL is expected to take the biggest hit of any metro area. Fiserv predicts a price drop of another 18.9% by the end of next June for Naples, FL. Home prices in this area have already fallen 61% from the peak. Other cities expected to be hit hard include Las Vegas, Riverside and Salinas, CA, and Miami, which is expected to decline by 13.2% (total loss: 57%).

What can we expect from a housing market that continues to surprise all of those involved? Economists and housing experts predict a slow recovery. Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.

To read more on this story visit:
http://money.cnn.com/2011/10/31/real_estate/home_prices/index.htm?hpt=hp_t2

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, P.A. website at www.miamibankruptcy.com.