According to a new report in the Sun Sentinel, mortgage foreclosures in Florida continue to fall and remain well below pre-recession levels.
In July, Palm Beach, Broward, and Miami-Dade counties reported 1,247 new foreclosure case. This number is down from 1,316 foreclosures during the same month one year ago. In 2006, South Florida averaged 4,000 new foreclosure cases every month.
County-by-county, Palm Beach reported a 16% drop from last year, while Miami dropped by 3%. Broward County actually had 2% more foreclosures than they did a year ago, but the county’s overall numbers remain much smaller than they were during the foreclosure crisis.
In addition, South Florida also had 72% fewer bank repossessions than they did last July, meaning that many more people were able to stay in their homes.
By and large, the housing industry is recovering. Most new and current foreclosure cases are what is left of the backlog from the housing market crash rather than new foreclosures on recently-purchased homes.
Now, consumers are feeling confident about the economy, their employment prospects, and their job security, and are willing to take advantages of still-low mortgage rates. While this is good news for the economy overall, consumers still need to take care to purchase only as much home as they can afford. As mortgage rates and home prices begin to rise, it is important to make sure that you will be able to make your payments even if you have some financial difficulties in the future.
If you are considering purchasing a home, refinancing or seeking a mortgage modification, or if you are worried about the prospect of foreclosure, it is important to speak with an experienced Florida attorney. At Loan Lawyers, we can help you get the loan you need to keep you home, and can work to keep you out of foreclosure. Our consultations are always free, and we have three offices conveniently located throughout the tri-county area. To schedule your no-risk, no-cost consultation, contact us today by calling (888) FIGHT-13 (344-4813).