Debt Consolidation Blog

The recent economic downturn has seen a record high in the rate of foreclosures across the nation. Among the highest in such foreclosures has been in the state of Florida. Towards the end of 2010, more than 24% of home loans in the Florida area were in some stage of foreclosure. This has added to the decline of the economy in the state of Florida however new statistics may shed a ray of hope for Floridians in the near future.

According to RealtyTrac, a foreclosure database, one in every 409 FL homes filed for bankruptcy in the year 2010. This has led to Florida having one of the highest foreclosure ratings in the nation.  Florida has been affected severely by the economic downturn and has seen all areas of its economy suffer. Their unemployment rate has been reported at 12% which is three percentage points higher than the national average. In addition overbuilding has caused the real estate market to decline further.

Many homeowners in Florida facing eviction have received small reprieve. Foreclosures are usually a quick process with proceedings taking place as soon as payments are delinquent. However with Florida being a judicial state, a judge must sign off on a petition to evict before the eviction can take place. This allows foreclosed homeowners to remain in their homes longer and either figure out their relocation options or catch up on their payments.

Although Florida has been leading the nation in dismal foreclosure rates, they are not alone. Other states that have been faced with a large foreclosure rate include Nevada which has at least 10% of homes in some stage of foreclosure. Following Nevada is New Jersey which has a rate of 7.3%, Illinois at 6.5% and Arizona at 4.5%.

Despite these bleak findings, there does seem to be hope for the future of the real estate market and the economy in Florida. According to a recent survey released by the Mortgage Bankers’ Association, foreclosure rates and mortgage payment delinquencies have been on the decline in Florida as well as 38 other states nationwide. These findings show that loans which are at least three payments delinquent have been down by 28%.  In addition, according to the findings of the survey, the percentage of homes facing foreclosure was down in the third quarter by at least seven basis points.

For many Florida residents, these findings may shed some much needed new hope on an otherwise sad economic situation. The decline in foreclosures may signal a potential increase in property values for many Floridians. The market may take some time before shifting to a seller’s market. However those seeking Florida real estate may be wise to do so while they can. The changes may be slow in coming but for Florida residents who have been leading the nation in the highest foreclosure numbers since the housing crisis, any change for the better is a positive sign.

Articles on this site have been acquired from a variety of sources.  No content on this site should be considered financial or legal advice

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