From the housing collapse to uncertainty in the global economy, there are a wide variety of factors that may affect real estate. In Florida, the real estate market can change rapidly and have a significant impact on homeowners, investors and real estate investors, and this is especially true in Miami-Dade County. Sometimes, property owners are unable to keep making payments and find themselves involved in foreclosures. When a foreclosure action arises, those involved should carefully assess their options.
In South Florida, positive trends have arisen in recent months as the region keeps moving forward after the 2008 financial crisis. Over the course of February, there was a sizeable decline in the number of foreclosures for condos as well as single-family homes in Miami-Dade County, according to market reports.
In Miami-Dade, there was also a notable increase in the number of single-family house sales throughout February. In fact, February sales of homes in the $250,000 to $600,000 price range, which make up 25 percent of the market in the county, were 10.5 percent higher when compared to data from the previous year.
While recent months have seen fewer foreclosures in certain markets, there are still many people who are going through the challenges associated with foreclosure, which may include stress, financial hardships and sleep loss. Because foreclosure is often a pressing issue for families in this position, carefully preparing for a defense to foreclosure is critical. Some homeowners are able to review their options closer by discussing the ins and outs of their situation with an experienecd attorney.
Source: Miami Herald, “Mid-market sales still strong, but overall home sales in South Florida struggle,” Mar. 22, 2017
