The last few years have been difficult for many homeowners. The number of completed foreclosures since the financial crisis started in September of 2008 was approximately 4.9 million across the country. According to the latest CoreLogic analysis, the foreclosure rate around the country is declining at a nice pace.
Florida is still in the top spot for completed foreclosures for the 12 month period that ended in February. There were 118,000 completed foreclosures in the state, which is more than double the number coming out of the state in the second spot.
Florida ranked second for the highest foreclosure inventory percentage related to all mortgaged homes for the same period with a 6.0 foreclosure percentage. That is only .2 percent behind the state in the leading spot.
Florida currently accounts for 15 percent of distressed properties nationwide. The states with the top five percentages of all distressed properties, which includes Florida, accounts for a total of 42 percent nationwide.
As of the end of February, 1.9 million mortgages nationwide are in serious delinquency, which means they are 90 days or more delinquent. This figure is comparable to the levels that were seen in the last quarter of 2008.
There were approximately 752,000 homes nationally in foreclosure in February 2014. That figure is down from 1.2 million in February of last year. While this does show a nice decline in foreclosure activity, it also shows that many homeowners are still facing the possibility of losing their home. If you are one of these homeowners, you might have legal options to help stop foreclosure. Exploring those options might help you to determine a suitable course of action.
Source: LoanSafe.org, “Report Finds That Nationwide Foreclosure Inventory is 35% Down From a Year Ago” Alex Ferreras, Apr. 03, 2014