Like the stock market, the foreclosure rate goes up and down and depends on a smorgasbord of factors. Also, foreclosures can have serious consequences for those who own a home and even some who rent property. When it comes to foreclosure, entire families may have their lives spun upside down, which underlines how vital it is for people to approach foreclosure properly. In Miami, and elsewhere in Florida, the way that people handle foreclosures and the outcome of foreclosure actions can have a significant impact on their futures.
According to recent reports, Southwest Florida saw a sharp decline in the number of foreclosures over the course of 2016. In fact, there were fewer foreclosures in the area during 2016 than at any time since 2006, before the recession began. Across the entire state, there were still more than 106,900 properties that had foreclosure filings in 2016.
Experts say that the number of foreclosures throughout 2016 represents a return to normalcy regarding the number of homeowners who find themselves in the middle of a foreclosure. In comparison to 2015, there was a 44 percent decrease in the number of foreclosures. However, with 1.18 percent of Florida homes distressed, only three states had more foreclosure filings over the course of the year.
Although foreclosure can be a highly stressful topic that some homeowners struggle with, there may be options on the table. Sometimes, those who are trying to handle a foreclosure make the decision to speak with a legal professional, which could be an excellent way to figure out the most sensible path forward.
Source: Herald-Tribune, “Local foreclosure rates lowest in decade,” John Hielscher, Jan. 12, 2017