Before the recession, the home foreclosure rates recorded across the country were not very alarming. When the recession hit and the market spiraled into what was described as a free fall, the home foreclosure rates in Florida and other states rose dramatically. On the bright side, and also on a cautionary note, the latest home foreclosure rates match those recorded before the recession.
While the latest figures may point to an upswing in the economy, some warn of what it may really mean. It has been noted that 60 percent of the homes sold in the last few years have been cash sales. The median price is roughly around $75,000. This has attracted investors who are buying up properties under the impression that there will be a market boom again.
As for the foreclosed properties that flooded the market, those are selling also. However, short sales are declining in numbers. One reason noted is that banks have backed off of short sales, and those looking to buy see short sales as time-consuming and possibly causing them to miss out on better opportunities.
The housing market indicators play a significant role in determining the economic health of any area in Florida and the country in general. For the average homeowner, the home foreclosure rates and trends may help them determine what to do if they are currently struggling and may need to pursue or work diligently to avoid home foreclosure. Any homeowner who fears home foreclosure or suspects they may soon need to face the process should arm themselves with as much information about the process as possible and also seek guidance concerning what options may work best for their unique situation.
Source: highlandstoday.com, “Foreclosure rate at a 9-year low”, Gary Pinnell, Oct. 21, 2014