It’s true! After several months of holding the unwanted crown for most foreclosures, South Florida falls to the third spot on the list of the worst metropolitan areas for foreclosure filings in January. Leading the pack was Atlantic City, N.J., with one foreclosure for every 338 homes, followed by Ocala, Fla.
The tri-county South Florida area had 6,545 foreclosure filings in January 2015, including new lawsuits, repossessions and judgments. This number represents one foreclosure for every 382 homes from Miami to West Palm Beach. A year-over-year comparison to January of 2014 shows a 21.5 percent decrease.
It’s not surprising to see the decline in foreclosures this year. Many foreclosures have been ongoing for several years, exhausting many legal arguments and encouraging judges to push through the backlog of foreclosure filings. Additionally, there is the improving economy that has provided many homeowners facing foreclosure with possibilities they did not previously have. Homes are regaining equity, allowing homeowners to sell their home with more ease.
Seeing a decline in foreclosures is a positive sign for the South Florida economy, however, it is also a slight cause for apprehension for homeowners currently in the foreclosure process. If South Florida judges are working towards closing out cases, some families will be faced with the harsh reality of having to vacate their homes.
At this point, foreclosure defense is becoming more difficult and should be handled by attorneys who are highly experienced in Miami foreclosure defense. The Graham Legal team has focused primarily on defending homeowners’ rights since the origination of the foreclosure wave, and we have seen it all. If you have any questions about whether your foreclosure could be better defended, we will be happy to answer any questions, even if you already have a Miami foreclosure defense attorney representing your case.