According to a new report by CoreLogic, a financial and property analytics company, the U.S. foreclosure inventory recently reached its lowest level since October 2007, before the recession hit. From May 2015 to May 2016, the total number of completed foreclosures in the U.S. declined by 6.9 percent. This decline in foreclosure rates has resulted from the benefits of this year’s job and income growth, as well as a steady rise in home prices. Florida specifically has seen a 37 percent decline in the number of foreclosed houses this year compared to last, which was the largest decline in any state.
Not All Good News
Despite this significant drop in foreclosure rates, Florida still remains the state with the highest number of completed foreclosures in the country. Florida has had more than 63,000 bank repossessions in the past year, which is significantly more than any other state. Michigan had the second highest number of foreclosures this year with 45,000, while Texas came in third with 27,000. Ohio and California, with 23,000 bank repossessions each, complete the list of the top five states with the highest number of bank repossessions. These five states alone make up over half of all of the completed foreclosures in the entire country.
While foreclosure rates are expected to decline even further as the U.S. housing market strengthens over time, Florida still has a long way to go in reducing its amount of foreclosures. The state needs to work towards expanding the supply of affordable housing and making affordable credit more easily obtainable.
If you’re falling behind on mortgage payments, foreclosure may not be your only option. Our Miami foreclosure defense attorneys will evaluate your case and fight for your rights and opportunities. To learn how Graham Legal can help you, give us a call today.