As the economy continues to recover, a noticeable decrease in the home foreclosure rates across the country has been tracked and seen as an important sign of economic progress. Despite this trend toward lower home foreclosure rates in Florida and the rest of the country, new statistics have raised concern for many. The latest figures coming out of Florida show an increase in home foreclosure numbers, underscoring that many homeowners may still be struggling despite the marked improvements across the country.
The latest numbers compare this July to last July. The rate of home foreclosure rose by 16 percent compared to last July. The rise is somewhat alarming considering the rate of home foreclosure in Florida had been on a decline over the last 10 months.
The numbers also reflect that Florida is still behind the rest of the country when it comes to recovery of the housing market. Florida has the nation’s highest rate of home foreclosures overall. According to the latest numbers, one out of 408 homes in Florida are affected by foreclosure filings. To ease any fears or concerns, one official says the jump could simply be an anomaly.
The rise in home foreclosure rates in Florida may, in fact, be a fluke or may indicate a bigger problem. Regardless of the bigger picture, any struggling homeowner in Florida in entitled seek advice concerning his or her options when it comes to dealing with or avoiding home foreclosure. One option for some may be bankruptcy, which can put a halt to the foreclosure process and allow homeowners the time to regroup financially and get a fresh start.
Source: wtsp.com, “Foreclosure starts spike in FL after months of decline”, Aug. 23, 2015