Making house payments in the months and years after the recession hit has been difficult for many homeowners in Miami-Dade County and the other two counties in the South Florida area. While some who face serious financial challenges have continued to pay their mortgages on time despite their struggles, others have been unable to meet the obligations and are facing foreclosure.
The latest research indicates that 4,244 homes in Miami-Dade County were in some stage of foreclosure during the first quarter of 2016. This represents the highest number out of the three counties in South Florida, which reached a combined total of 9,603 homes. While these figures are still substantial, experts mark the sum as a positive downward movement that may bring the region within a healthy margin.
To illustrate the improvement, rates between the first quarter of 2015 and that of 2016 are contrasted, with the latter showing a decline of 39 percent. The drop from the last quarter of 2015 is 15 percent, which is equal to approximately one home out of every 258 in the region.
Foreclosure can be an alarming prospect to those who have recently purchased a house, as well as those who have spent years making memories in their family home. The loss may be devastating, both from an emotional and a financial standpoint. Homeowners who believe they may be in danger of losing their property may benefit from the advice of an attorney who can explain the laws and options that may apply to the individual situation.
Source: The Real Deal: South Florida Real Estate News, “South Florida’s foreclosure rate drops in first quarter: report,” Sean Stewart-Muniz, Apr. 14, 2016