Being ranked number one can be a winning feeling in many aspects of life, such as in sports or at work. In Florida, being ranked as the number one state in the country for the highest number of home foreclosure rates may not be the best feeling for homeowners. But analysts caution that the October numbers which put Florida back on top may be a good thing after all.
One out of every 332 homes in Florida got a foreclosure filing notice in October. The Tampa and St. Petersburg areas ranked fifth in the entire country for foreclosure rates for metropolitan areas. The month before, Florida was ranked number two, and Nevada was ranked number one.
Analysts insist the numbers may be a move toward a positive development for the state overall. They contend that the numbers show there is a high market for the homes, which translates into sales and getting them out of the banks’ hands. The banks held many of these homes for some time, and now that they are being released, the backlog of homes will get some relief.
While being involved in a home foreclosure can be a complicated and intimidating experience, it is important that homeowners in Florida or any state understand the process. For those who are on the verge of home foreclosure but wish to keep their homes, there are many programs and means of assistance to consider. It is beneficial for any homeowner to fully understand their options before confronting home foreclosure proceedings.
Source: tbo.com, Florida foreclosure rate again No. 1, Michael Sasso, Nov. 14, 2013