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Florida Tops Nation For Completed Foreclosure Sales

According to the Orlando Business Journal, Florida leads the entire country in the number of completed foreclosure sales for the last 12 months ending in January. Florida completed over 74,000 foreclosures, beating the next highest state by nearly 25,000 sales.

The Journal reported that Florida, Michigan, Texas, California, and Ohio accounted for almost half of all completed foreclosure sales in the nation. The Miami-Miami Beach-Kendall area led all other metro areas nationwide with 6,919 foreclosure sales completed during the same period ending in January.

However, the number of current foreclosures and completed foreclosure sales are on a steady decline. The number of foreclosures in the state’s inventory dropped by 21.7 percent, and the number of completed foreclosures declined by 16.2 percent in comparison to the numbers from January of 2015. These numbers are down from an all-time peak of 117,743 foreclosure sales completed for the 12 months ending in September of 2010.

The report indicates that since homeownership peaked in 2004, there have been an estimated 8.2 million homes lost to foreclosure nationwide. 6.1 million of these completed foreclosures occurred after the financial crisis began in September of 2008.

While foreclosures and completed foreclosure sales are declining, foreclosure is a serious problem for homeowners in Florida. Florida still has a higher rate of foreclosure than other states in the country, and Realtytrac estimates that 1 in 813 Floridian homes are currently somewhere in the foreclosure process.

Dealing with a foreclosure can be a scary and intimidating process. However, homeowners have multiple options when attempting to save their homes. An experienced attorney can help you fight foreclosure in court, and can also help you get a loan modification, set up a short sale, or file a bankruptcy in order to keep the bank from taking your house.

To find out more about your options, schedule a free appointment with the Loan Lawyers today. Our attorneys have helped people throughout South Florida save their homes, and can advise you about your best course of action. Contact our office today by calling (844) FIGHT-13 (344-4813) to learn more about how we can help you.