Even though many homeowners are still struggling to contend with the recession, there are some bright spots across the board. There are signs of recovery in Florida and elsewhere. Some of those signs pertain to the rate of home foreclosure and also the value increase of homes for the first time in a long time.
Nationally, housing prices have been rising for the last 12 months. Thanks to this rise, home prices are said to be back at levels they were in 2004. This means prices for homes are currently only 20% below what they were at the peak of the housing bubble in 2006. With this rise in prices has been a rise in interest rates also from 3.5 percent in June to 4.3 percent in October.
In Florida, Tampa is noteworthy for having a double-digit jump in prices. Also, the recent report states that the number of foreclosed homes has dropped, namely due to the fact that they are finally being released by the banks. Having too many empty and foreclosed upon homes sitting stagnant was hurting Florida by decreasing the value of other homes around.
While this is all seemingly good news for Florida, there may still be a long way to go for some families who are struggling to avoid home foreclosure. However, there are options for those who wish to remain in their homes and avoid home foreclosure. Anyone who may be nearing foreclosure may benefit from learning about loan modification, bankruptcy options, or programs designed to help homeowners survive these difficult financial circumstances.
Source: business.time.com, Home Prices Rise, Though Not as Fast as Before, Alison Rogers, Nov. 26, 2013