Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
Toll free – 877-801-4135

Miami – 305-461-9500

Orlando – 407-992-2251

Inventory rates for foreclosures still high in Florida

A home is a big investment and many people in the Miami-Dade area often put everything they have into buying one. However, unexpected medical bills, maintenance costs or a job loss could put that dream in jeopardy. If people are unable to make their mortgage, the bank has the legal right to foreclose on the property.

When homeowners are notified that their homes are being foreclosed on, the property becomes what is referred to as foreclosure inventory. In December 2014, the number of homes in this category equaled 568,000 across the country. However, in December 2015 that count decreased to 433,000. In Florida, the rate of homes in foreclosure was measured at 2.3 percent. While this seems relatively lower, the state ranked No. 4 in the states with the highest rates and No. 5 when the District of Columbia was included.

Additionally, the percent of Florida homes where mortgages are considered seriously delinquent is at 5.2. The reasons for the higher rate were not discussed so it is unknown whether people are still trying to recover from the economic crisis that occurred in 2008 or if other factors are playing a role. The state’s foreclosure inventory went down by 41,000 in the previous year but it is uncertain whether those homes in delinquency could cause it to rise again if banks take action.

For homeowners who are in trouble with their mortgage, there may be other options out there that can help them gain control. Therefore, it may be of benefit to them to sit down with an experienced real estate attorney and talk about their situation.

Source: Herald-Tribune, “Florida’s dramatic decline in foreclosures continues,” Feb. 9, 2016

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Offices Conveniently Located in Miami And Orlando

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office