The economy is showing marked improvement in some areas of the country, while others still struggle. Recent news out of Florida paints a picture of recovery, but the numbers may seem bleak for those who aren’t sure what they mean. The latest statistics relate to the number of Florida homes heading to auction after being foreclosed on. For those still in their homes thanks to a mortgage modification, rising homes prices and sales may benefit them also.
The high number of homes set for auction mean that lenders are working hard to finalize foreclosures and get the homes into the hands of new homeowners. Getting rid of the overwhelming backlog of foreclosed homes sitting empty is seen as a positive for communities and lenders. Compared to one year ago at this time, there are 76 percent more homes ready for auction.
Home prices have been on the rise lately, which is good for all homeowners. However, some are concerned that the market will be flooded if the banks release too many homes for auction too fast. This could negatively impact the upward trend. One bright note is that there are less new home foreclosures across the southern part Florida, which took a major hit during the recession.
The homes that have already been foreclosed upon and are now for sale may be a great investment opportunity. For those Florida homeowners who have weathered the storm of the recession and its effect on home prices, mortgage modification may have been a turning point in helping them keep their home. Anyone still struggling despite the upward tick in home prices may benefit from finding out more about mortgage modification and other debt relief programs that may help them.
Source: Sun Sentinel, Foreclosure auctions skyrocket in South Florida, Donna Gehrke-White, Nov. 14, 2013