As the recession wanes, certain economic indicators have shown a marked improvement in the housing market. While there is marked recovery, Florida and a few other states still struggle with the aftermath of the housing crisis. Despite that struggle, there are current numbers that show the home foreclosure crisis is getting better in Florida and that growth is being tracked all over.
Sales of homes in general in Florida are on the rise, according to new numbers released. The number rose almost 2 percent last month. Compared to last year, there has been a 4.61 percent rise in the sale of homes.
The price of homes in Florida has also risen. In Jacksonville alone, the median home price rose 7 percent from last year. Across the state, there was a rise of 11 percent for median home prices compared to last year. The sale of foreclosed properties brought the median number down, but the overall sales numbers have risen statewide. The number of mortgage holders who are delinquent on their mortgage has dropped for the state.
While the numbers do have positive value behind them and are encouraging, there are still many Florida homeowners struggling with the possibility and aftermath of home foreclosure. Options, such as mortgage loan modifications or bankruptcy, can be a useful means of regaining financial footing and may help control the fate of the family home. Depending on the bankruptcy option selected, unsecured debts may be discharged entirely or a plan may be proposed to the court to pay creditors over a period of up to five years. Anyone still struggling with finances may want to explore their options and learn what solutions may work best for their particular situation.
Source: bizjournals.com, “Home sales rise, foreclosure rate lowers in Florida“, Catherine Byerly, June 24, 2014