Despite foreclosure filings dropping and an improving economy, many financial analysts suspect that there will be another round of foreclosure, particularly in Florida which is the leading state in foreclosures. With over 300,000 cases still pending and half-a-million delinquent homeowners, it’s difficult to figure out exactly how much longer the foreclosure crisis will continue in this state.
One of the major problems is that the unemployment rate in Miami-Dade is still relatively high at 6.5 percent, a full percent higher than the rest of the nation. When considered in combination with the high living expenses associated with South Florida, it’s easy to see why many families continue to struggle with mortgage payments even in light of the improving economy.
Miami-Dade experienced substantial inflation in home values just before the recession. This led many people to take on larger mortgages. Shortly thereafter many households in South Florida lost income, and many still have not recovered from it. Even if the same number of people in the household are employed, many still experience lower wages.
If you find that you’re still struggling and want to know your options, it’s not too late and there are many resources available. Furthermore, our team of foreclosure experts are always available to help regardless of how far along you are in the foreclosure process, or if foreclosure hasn’t even been filed yet. At the very least, in a consultation we can offer advice and guidance.