Being the state that was the hardest hit as far as the housing market and recession was concerned also means Florida is taking longer than other states to recover. The good news is that Florida may be on the upswing when it comes to home foreclosure filings. The bad news is that the Sunshine State is still home to eight of the top ten metro areas when it comes to home foreclosure rates.
Orlando specifically ranks eighth in the nation, according to a new report. The area is flooded with properties that are bank-owned and owners are nowhere in sight, meaning the homes are in disrepair. One recent example is a home that was worth $2.4 million not too long ago. The homeowners were in jail for some reason and not able to be served with foreclosure papers. The house was vandalized and now is only valued at $550,000.
The good news is that filings have gone down significantly. In fact, they have decreased so much that other states may surpass Florida as having the highest number of home foreclosures. One problem that also still plagues Florida is the fact that it has such a long timeline for the home foreclosure process compared to other states.
The latest figures pointing to Florida being on the mend is helpful to both current homeowners and others who have been impacted by the recession. For those still worried about home foreclosure or trapped with a mortgage for a home that is underwater, alternatives such as bankruptcy may be beneficial in the long run. One great benefit of filing and being approved for bankruptcy is that once filed, the home foreclosure process will temporarily stop, and the homeowner can use that reprieve to weigh the best options and plan ahead.
Source: orlandosentinel.com, “Foreclosures in Orlando among top in U.S. even though home prices recover“, Mary Shanklin, July 16, 2015