While there is no such thing as a good foreclosure, seeing a decline in the number of these proceedings has come as good news for homeowners across the country. There is even news pointing to a marked rebound all across the country. Even though Florida still struggles with home foreclosure compared to the rest of the country, the numbers are moving in the right direction.
The latest numbers show foreclosures are down 37 percent from a year ago. In fact, the number of foreclosures for November are lower than they have been since the home crisis started in Dec. 2005. While there are still homes in distress, experts do not expect any new foreclosure filings to put the recovery at risk.
The foreclosure process in Florida has to go through the court system, and this process slows the actual timeline for foreclosure filings. Despite the slow process, Florida is still moving toward recovery. However, of the 10 metropolitan areas with the highest rates in Nov. 2012, eight of them were in Florida. But the good news is that even though lagging behind, these same areas have had a decline over the last two years.
Florida continues to recover, and homeowners are finding ways to stay in their homes. While home foreclosure rates are still troubling, the programs to help homeowners have made a significant impact in how these homeowners are dealing with the economic issues they face. Any homeowner who is still facing home foreclosure may benefit from knowing more about how certain programs or options may help them. In some instances, bankruptcy relief may provide a framework for stopping foreclosure in its tracks while offering a mechanism for debt reorganization under the guidance of the Bankruptcy Court.
Source: USA Today, Foreclosure activity in November was down 37% from a year ago, RealtyTrac says, Julie Schmit, Dec. 12, 2013