U.S. Foreclosure Filings Spike 18%, Florida is one of the nation’s primary hot spots for distressed property activity.
U.S. foreclosure rates are up 18% from a year ago, according to the latest data from ATTOM. There was a total of 42,430 U.S. properties with foreclosure filings, just in the last month. This total includes default notices, scheduled auctions, and bank repossessions.
Foreclosure starts were up 12% from a year ago, while completed foreclosures increased 42%.
ATTOM’s report incorporates documents filed in all three phases of foreclosure: default and notice of default; notice of foreclosure; and real estate-owned or REO properties, defined as properties that have been foreclosed on and repurchased by a bank.
In Florida, 1 in every 2,092 housing units show a foreclosure filing. Florida has a median listing price of $426,000, with homes staying on the market a median of 74 days.
Florida homeowners are feeling the squeeze. Property insurance premiums are still among the highest in the nation. Soaring property taxes, and increases in Condo Association/ HOA fees are leaving many homeowners in financial distress.
What Florida Metro has the most foreclosures?
Lakeland, Florida recorded the highest foreclosure rate in April, with one filing for every 1,221 housing units.
In Lakeland, the median listing price is $335,000 and homes stay on the market a median of 75 days.
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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 are facing a foreclosure filing and need professional representation, you can request a complimentary case evaluation through the Kingcade Garcia McMaken website or call their office directly at (305) 285-9100.