Florida housing crisis Archives

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Hits 11-Year Low

Posted on March 20, 2017by Admin

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 17^th 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.

Foreclosures, Timothy Kingcade Posts

New Jersey Senator Introduces New Bill to Address Zombie Foreclosure “Crisis”

Posted on July 21, 2016by Admin

Sen. Bob Menendez, D-NJ, recently introduced a bill to the Senate that addresses the nationwide crisis – zombie foreclosures. The bill is called “Preventing Abandoned Foreclosures and Preserving Communities Act of 2016.” This crisis refers to homes that sit vacant, sometimes for years, while in “legal limbo” throughout the process of foreclosure. The zombie foreclosure crisis has negatively impacted economies across the country by lowering property values in neighborhoods. According to Menendez, the vacant homes “scare away new homebuyers and investors,” which eventually impacts surrounding neighborhoods, and so on.

While introducing the new bill, Sen. Menendez stated that New Jersey had the highest foreclosure rate in the country in 2015, with 35,000 foreclosure filings. He went on to say that it also has the highest rate of vacant “zombie foreclosures,” with 4,003, according to RealtyTrac. However, his new bill would address the zombie foreclosure crisis across the country.

According to Menendez, his new bill would:

Require mortgage servicers to tell borrowers at the beginning of the foreclosure process they can remain in the home until state law requires them to leave
Require the servicer to make clear to the borrower that he or she remains responsible for the payment of any taxes, assessments, and other fees during the foreclosure process
Require the mortgage servicer to make prompt notifications to both the borrower and the municipality where the property is located when it walks away from the foreclosure
Prohibit mortgage servicers on loans backed by Fannie Mae and Freddie Mac and insured by the Federal Housing Administration from walking away from an initiated foreclosure unless the servicer releases the lien on the property and provides proper notice to the borrower and municipality
Require the Government Accountability Office and the CFPB to study and report on the prevalence and impact of abandoned foreclosures

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Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Foreclosures hit Pre-Crisis Low

Posted on August 14, 2014by Admin

The number of home loans that entered foreclosure in the second quarter this year hit its lowest level since early 2006, just before the housing crisis, according to data released by the Mortgage Bankers Association. Housing experts attribute the low rate to an improving job market and higher home prices, another sign that the mortgage crisis is behind us- for now. At the mortgage crisis’ worst point, in the third quarter of 2009, servicers started foreclosures on 1.42% of home loans. Last quarter, they began foreclosures on only 0.4% of loans, the lowest rate since the second quarter of 2006.

Delinquency rates- those that have at least one late payment but are not yet in the process of foreclosure- decreased to 6.04% after adjusting for seasonality, reaching its lowest level since the end of 2007. However, banks still have a number of already foreclosed-upon homes to work through particularly those in “judicial states,” where foreclosures must be processed through the court and tend to take longer.

Florida, New York and New Jersey accounted for more than 40% of all loans in foreclosure in the second quarter. These three states will have a significant impact on national figures moving forward.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Cases Rapidly Decline in South Florida

Posted on June 24, 2014by Admin

New foreclosure filings fell a whopping 75 percent across Broward County last month, another indication that the housing market crisis is a thing of the past. Broward had 275 new cases filed last month, compared with 1,087 in May 2013, according to RealtyTrac, Inc. It was the 10th month in a row that foreclosure filings have dropped. New cases also declined 75 percent last month in Palm Beach County.

Real estate experts attribute this drastic decline to the new state law that took effect last year, which resulted in lenders delaying foreclosure filings until they have all of their paperwork in order.

Florida had the nation’s highest foreclosure rate for the eight month in row, an indicator of just how hard the state was hit as a result of the housing market crisis.