The recession is waning, and there is good economic news on all fronts for most of the country. However, some areas in the United States still lag behind and struggle with the aftermath of the financial collapse from a few years ago. When it comes to home foreclosure rates in the United States, Florida is still behind. Many other parts of the country are experiencing marked improvements in the housing market.
Even though the number of homes in trouble and facing foreclosure action is dropping in Florida, it still has the highest foreclosure rate in the country. The most recent percentage puts the number of homes that are in the midst of foreclosure here at just under 7 percent. However, last year at this time, that number was up to 10.4 percent.
On a national scale, Florida ranks number one and makes up just under 20 percent of completed foreclosures. The national average has declined from 3 percent of all mortgaged homes to 2.1 percent. Florida is also the leader in the number of mortgages that are considered in serious delinquency with a rate of 11.3 percent.
Even though the financial upswing seems to point to a clear move toward many Florida homeowners keeping their homes, there are still quite a few families who may need help. Viable options, such as a loan modification or a personal bankruptcy debt reorganization, may help families avoid home foreclosure. Before any Florida homeowner resigns themselves to possibly lose their home, they may benefit from learning more about their options.
Source: HeraldTribune.com, Florida still tops list for foreclosures, John Hielscher, Jan. 10, 2014