The United States as a whole saw over 526,000 foreclosures in the 12-month period ending this previous June. Nearly 102,000 of those foreclosures were in the state of Florida. This, despite the fact that the Sunshine State is coming off months of substantial declines. Even in June, one of the months that showed remarkable improvement, Florida boasted a 2.7 percent foreclosure inventory rate. This is more than double the national average rate of 1.2 percent. Michigan, the state with the second most foreclosures in the country, represented less than 47,000 of the total sum.
Florida is steadily improving
Florida’s base foreclosure numbers still pale in comparison to the low totals in other states. But in spite of these seemingly discouraging facts, Florida is slowly recovering from the housing crash that began nearly a decade ago.
Florida has the highest year-over-year decline in foreclosure inventory rate from any other state, boasting an astounding 47.7 percent decline from June 2014 to 2015. Out of Miami-Dade County’s outstanding mortgages, only 3.69 percent were in foreclosure this June. During the same month last year the county rate stood at 6.29 percent, showing a 2.69 rate total decrease over the past year. The end is undoubtedly near, and these findings should give hope to a state that has been embroiled in foreclosure struggles for many years.
If you find yourself battling foreclosure in the state of Florida, you are certainly not alone. Just remember that it is of the utmost importance to have a knowledgeable and experienced Miami foreclosure attorney by your side for the duration of the proceedings. If you are looking for qualified representation, one that understands what you are going through and knows how to best attack your case, the Graham Legal team would love to meet you. We invite you to schedule an initial consultation with our attorneys and let them get acquainted with your specific foreclosure situation.