On a national scale, the recession appears to be receding, and the latest statistics suggest that the economy is making notable gains toward growth. However, when compared to national statistics for home foreclosure rates, the housing market in Florida still struggles to improve. The information is a mixed bag of news for those in Florida who are struggling to keep their homes or are concerned with the fair market value of their home.
In January, there were just over 10,000 home foreclosure filings. That was a slight decline from last January. However, it was noted that this was still a 50 percent uptick from the previous month of December.
This massive jump from Dec. 2013 to Jan. 2014 in Florida has garnered a good deal of attention. The rate of increase for the entire nation in the same time period was only 8 percent. Home foreclosures nationally dropped 18 percent from the same time a year ago. However, Florida only saw less than a 5 percent decline in filings for the same time frame.
Despite the actual numbers, a decline in home foreclosure rates in Florida is still good news overall. While the recovery may be slower in the Sunshine State, it is seen as a recovery nonetheless. While rates do improve, Florida homeowners may be interested in pursuing or learning about other means available as a way to hold onto their homes. They may benefit from understanding how bankruptcy protection may help them keep certain assets, even their home, and how these options can help them get the fresh financial start they need.
Source: bizjournals.com, South Florida foreclosures top nation in January, RealtyTrac says, No author, Feb. 14, 2014