Foreclosure updates are not only noteworthy for the real estate community, but also for the general public, since they provide a clear picture of the financial landscape of the state and the country as a whole. An increase in the number of foreclosure spells bad news, while a decrease represents a healthier job market and a thriving economy.
The state of Florida is notorious for topping the list of foreclosures since the real estate collapse in the mid 2000s. Hence, it’s not surprising that Florida led the nation in the number of completed foreclosures for the 12-month period ending in September, with a total of 91,000.
Following Florida at just below 50 percent was Michigan with 45,000 completed foreclosures, then Texas with 32,000, and Georgia and California tied at 26,000.
Florida’s numbers may seem alarming when compared to the other top five states, but the numbers have steadily dwindled since the previous year. During the same month in 2014, the state had 25 percent more foreclosures: about 30,000 more.
Florida foreclosure inventory
The foreclosure inventory for the state (properties that are in some state of the foreclosure process), has fallen significantly from 4.4 percent last year to 2.6 percent. This drop is enough to strengthen consumer confidence, however, more recovery is needed for the state to catch up to the national average of 1.2 percent.
In spite of the elevated statistics that the Sunshine State holds, it currently ranks third for seriously delinquent mortgages. Having fewer mortgages that are 90 days past due is a reliable indicator that fewer homeowners are falling behind on their payments.
The housing market is moving in the right direction, but South Florida isn’t out of the woods yet. The highest foreclosure numbers are concentrated in Miami-Dade, Broward, and Palm Beach County, as these were the areas in the state that were most impacted by the housing collapse. If you find yourself facing financial hardship and need help navigating foreclosure law in Miami, we invite you to make an appointment with our attorneys today.