9:00am - 6:00pm
Mon - Fri (Sat. Special Hours)
7333 Coral Way, Miami, FL 33155
Select Page

Foreclosures are a significant problem in states such as Florida, but recent data has shown that the rate of foreclosure is steadily declining. A recent report showed that the total number of annual foreclosures reached its lowest point in five years in April, down 24 percent from the prior year. Since the start of the recession, there have been 4.4 million foreclosures, but the current rate seems to be declining.

Statistics show that Florida, California, Michigan, Texas and Georgia are the states with the most foreclosures. Figures demonstrate that 33 states show a foreclosure rate lower than 2.8 percent, the national average. South Dakota, North Dakota, Hawaii, and West Virginia had the fewest foreclosures, and Utah reported a number of foreclosures that was lower than the national average, reaching just above 4,000.

Analysts say that the number of foreclosures and extent of financial distress appear to be receding. A trend towards fewer distressed properties, more houses purchased and better home prices is an indication of a recovery in mortgage and housing markets, they say.

The new statistics are encouraging and suggest that fewer consumers will have to endure the trauma of a foreclosure. Those who are at risk of foreclosure could speak with an attorney who is knowledgeable in foreclosures to ensure that the process was entirely legal so that a home is not being illegally foreclosed. A foreclosure lawyer could present alternatives such as filing for Chapter 7 bankruptcy or negotiating a mortgage or loan modification in order to be able to keep a home. An attorney may also be able to assist with the process of short selling a home and relocating to somewhere more financially appropriate.

Source: Deseret News, “April foreclosure report looks encouraging, analysts say“, https://www.deseretnews.com/author/23067/JJ-Feinaue, May 31, 2013