The onset of the housing crisis in the United States produced a record number of home foreclosures just years after homeownership numbers hit an all-time high. Florida was hit particularly hard when the housing crisis struck, and many homeowners were faced with home foreclosures and bankruptcy. Despite the bleak outlook over the last few years, home foreclosure numbers are looking better as more people seem to be getting back on stable financial footing.
The latest numbers point to a decline in foreclosures overall, even in the hardest hit areas of the country. As of late, there are currently just over 550,000 homes in foreclosure. In February of 2014, that number was over 760,000. The decline in numbers represents a 27.3 percent decrease overall.
Florida is still among the top five states with the highest numbers of foreclosures. Of all mortgaged properties, 3.4 percent in Florida are foreclosed properties. In the last year, completed foreclosures in Florida reached 110,000. The numbers reported at this time are the lowest since spring 2008, and the marked decline has been noted for 40 months in a row.
While home foreclosure still plagues many in Florida, the crisis appears to have slowed, and homeowners are finding ways to stay in their homes or recover from home foreclosure. One way to keep a home safe from home foreclosure is bankruptcy. Filing for bankruptcy may be a way for families to reorganize debt, pay back certain debts and free up funds to allow them to pay their mortgage payments and other debts accrued during the financial crisis.
Source: 247wallst.com, “Foreclosures Highest in Florida, Michigan, Texas“, Paul Ausick, April 14, 2015