The latest figures give both insight and hope for those concerned with home foreclosure rates in the United States. Just released data shows that home foreclosure rates are falling and going back to levels consistent with rates before the recession started. There are a number of reasons home foreclosure rates have stabilized even though Florida is still listed as a state with one of the highest rates for foreclosure.
One reason rates have stabilized and seem encouraging to homeowners is the fact that there are more jobs. Figures indicate there have been 3 million jobs created. This has helped many people keep up with mortgage payments and other financial obligations.
Another reason given for the improvement is the rise in home values and prices. Homeowners now have some equity in a home they may have struggled to hold onto and can rely on that equity in a time of need. This makes selling a home an option when that same home may have been underwater a few years ago.
While time has helped many recover from the recession and get over the risk and stigma of home foreclosure, many in Florida still struggle and need assistance weighing their options. Even with improving jobs and increasing home values, some Florida residents still have to dig out from the recession and seek a way to get the fresh financial start they deserve. One option that can help homeowners keep a home is to seek bankruptcy. This can lead to a discharge of other debts and allow a homeowner to devote money to other debt issues, such as a mortgage.
Source: marketwatch.com, “Homes are less likely now than at any time since start of Great Recession to be in foreclosure“, Ruth Mantell, July 14, 2015