There have been a number of indicators recently that highlight a slight improvement in the economy and the housing market across the United States. While there is certainly no full-scale upswing in Florida, there are indications that the number of homes technically underwater are being reduced. This could help homeowners avoid home foreclosure.
Recent reports show that home prices in counties in Florida are actually on the rise. This rise of home prices is valuable and beneficial news to those homeowners out there who are technically underwater. Last year, 44 percent of homes in Broward County were considered underwater mortgages. This year, that percentage is around one-third of homes.
While there is good news to these percentages, the bad remains that there are still a lot of homeowners out there who owe more on their homes than they are worth. The negative equity that has encompassed these homes will still be a factor for years to come. The report states that homeowners who bought or refinanced at the peak of bust may not be unable to see without losing money.
While things are on the upswing in Florida and elsewhere around the country, there are still those who may need to pursue options such as refinancing, mortgage modification and other helpful ways to deal with debt and avoid home foreclosure. Avoiding home foreclosure may be the ultimate goal of any homeowner in trouble or underwater, financially speaking. In the most extreme of circumstances, a homeowner may be able to file a bankruptcy petition in order to save their home from being foreclosed and get a handle on their debts.
Source: Sun Sentinel, Housing market: Rising home prices reduce number of underwater mortgages, Paul Owers, Aug. 29, 2013