Seriously underwater homes are defined as those that possess a loan-to-value ratio of over 125 percent, and the amount of Florida homeowners in this position has decreased over the previous year. While the state ranks second in the country in this category, statistical progress is certainly evident.
Based on the results of RealtyTrac’s Q3 2015 U.S. Home Equity & Underwater Report, the percentage of Florida residents in possession of a underwater home mortgage clocked in at 23.2, which dwarfs the same statistic from 12 months prior. The quarter three percentage for 2014 clocked in at 28.1 percent, making the year-over-year improvement a reputable 4.9 percent.
Contributing to the decline
Experts in the field have attributed this lowered percentage to two main factors: home values and foreclosure status. The disappearance of speculators has helped homes rebound and start to regain their value. The loan-to-value ratio that determines their underwater state has become less lopsided than it was in prior years. This has rid many homes of the “seriously underwater” label simply due to the improved economy. Another reason for this decrease in seriously underwater homes is the amount of foreclosures that have reached completion. While homes that were previously in foreclosure are now leaving the process, there are also less homes that are entering it each successive year.
While the overall foreclosure picture in Florida is certainly one to feel positive about, there are still many people who are facing foreclosure. If you know someone who is embroiled in the foreclosure process and doesn’t know where to turn, Graham Legal can certainly help. Our team of reliable attorneys are fluent in the entire foreclosure language and proceedings. We have demonstrated success helping individuals who have battled foreclosure through its many different stages. We invite you to schedule an initial consultation with a Miami foreclosure attorney today and let our experienced lawyers get further acquainted with your individual situation.