With the brunt of the recession having passed, there are signs of economic recovery. Despite those signs of recovery, there are those in Florida who still struggle and are actively seeking ways to avoid home foreclosure or ways to go through the bankruptcy process while keeping as many assets as possible. As a testament to a growing stability in the housing market in general and more options for those who are struggling, new numbers concerning foreclosures in Florida were just released.
The rate of foreclosures dropped last year. One county in particular, Broward County, saw a decrease of 42 percent. Palm Beach County had a 55 percent drop in foreclosure filings. It was noted that three quarters of the homes in some form of foreclosure in three counties were homes that had started the process between 2004 and 2008, the height of the housing market crash.
The timeline for foreclosures is lengthy, and a home can be in the process for years. Despite the numbers pointing to a decrease in home foreclosure filings in Florida for 2014, Florida is still number one for foreclosures in the country. This is indicative that, even though the market is improving, the rate of improvement is still lagging compared to other states.
However, the improving market means a rise in home values. For those who are currently on the verge of home foreclosure or bankruptcy, a rising market may help give homeowners more options. Anyone in Florida who is on the verge of foreclosure may benefit from investigating bankruptcy options so as to determine which kind may be best for a given situation or if keeping a home is an option when bankruptcy is filed.
Source: sun-sentinel.com, “Foreclosures decreased last year across Broward, Palm Beach counties“, Paul Owers, Jan. 14, 2015