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High rates of home foreclosure not good news for Florida

On Behalf of | Jul 5, 2013 | Firm News, Home Foreclosure

While the economic crisis of the last seven years has hit the entire country hard in one way or another, the rise in home foreclosures across the country has been the most tell-tale sign of how the economy is doing. A recent report may seem bleak as it states that Florida has highest rates of home foreclosure properties that are currently vacant in the country right now. While there is certainly help for those facing foreclosure, there may be an economic upswing that may help also.

Currently, 33% of the foreclosed homes that are vacant in country are Florida homes. That is reportedly more than the next five states on the list combined. When a property is vacant due to foreclosure, it affects the property value of every other property around it; hence how the problem affects everyone and not just the homeowner who has lost their home. There are also a high number of delinquent mortgage holders listed in Florida; which may eventually turn into foreclosure situations if there is no help.

However, there are indicators that the recovery of the recession is aiding the slight rise in home prices. This means some of those vacant homes may play a role in a modest housing boom on the horizon. As that boom will help potential buyers and investors, it could also translate to help for those who are struggling to avoid foreclosure.

While there is no magic solution for those who are in the midst of a home foreclosure, or for Florida families that may be behind on their mortgage and in fear of impending foreclosure, there are actions those in need of legal help can take. Taking action and inquiring about the recent changes to any laws, regulations or government programs may help in making fully informed decisions. Those affected may also be able to pursue avenues that can help protect their credit or even help them remain in the home.

Source: The Florida Current, “Florida leads nation in vacated foreclosures — and it’s not even close,” Gray Rohrer, June 20, 2013

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