Over the past decade, a number of developments have created problems for homeowners in South Florida. In Miami-Dade and neighboring regions, the housing crash of 2008 was particularly devastating for some homeowners, leading to a large number of foreclosures. In the years since, some may have struggled to find work or experienced other financial setbacks which keep them from making mortgage payments on time.
According to a recent report, Miami-Dade saw more foreclosures than other counties in South Florida during November. While Miami-Dade had more than 1,400 homes in foreclosure, Palm Beach County only had 657 and Broward County had 1,012. That said, the region has seen a decline in the number of properties in foreclosure in recent years, which is good news for the area since the crash of the real estate bubble hit Miami especially hard.
When it comes to the nation’s largest metropolitan areas, South Florida’s foreclosure rate fell to 10th place. On the other hand, more homes were in foreclosure during November in one Pennsylvania region than anywhere else in the country. In Harrisburg, one out of every 341 homes were in foreclosure during the month of November.
When a homeowner is facing foreclosure and concerned about losing their home, they should immediately assess all options on the table. With so much at stake, it is pivotal for people who are going through this to make sure that the smartest approach is taken. Sometimes, making sense of legal issues related to a foreclosure can be tricky, which is why many homeowners have benefited from talking to an attorney about their circumstances.
Source: The Real Deal, “South Florida’s foreclosure rate dives again in November: report,” Sean Steward-Muniz, Dec. 15, 2016