There are many economic indicators that tell experts what is going on with the economy as a whole nation and in specific parts of the country. One indicator is the home foreclosure rates in certain areas. While the national outlook for the housing market is improving, when specific areas of the country, such as Florida, are analyzed, it shows that there are still areas struggling with the housing market crash.
When compared to the rest of the country, Florida has the highest foreclosure rate in the country. The rates for April show it to be the highest; however, it is better than last year. Last year during the month of April, the home foreclosure rate was 9 percent higher.
Out of 20 cities with the highest home foreclosure rates in the country, 11 of those cities were located in Florida. Orlando was the Florida city with the highest rate, according to the most recent data. Daytona Beach was the second highest of Florida areas with high rates compared to national rates for April.
While the numbers may give cause for concern for Florida homeowners who may be worried about home foreclosure possibilities, the numbers are still lower each year. For those who are in a position where home foreclosure is a possibility, there are options to help handle debt and deal with mortgage payments. For some, filing for bankruptcy or exploring the different types of bankruptcy may be a way to discharge some debt and avoid losing their home altogether, while getting back on stable financial footing.
Source: wtsp.com, “Florida led nation in foreclosures in April”, , May 19, 2014