Florida families, like families all across the country, were hit hard by the recession that began a few years ago, particularly when it came to keeping the family home. Despite the struggles many Florida families have had to endure over the past seven years while fighting to regain financial footing, there is some good news on the home foreclosure front for the Sunshine State. Florida has ranked number one for home foreclosures for some time but has recently relinquished that ranking, thanks to showing signs of improvement.
Based on comparisons with August of 2014, the number of homes in Florida facing foreclosure in August of 2015 has dropped by 33 percent. The entire country has seen a decline of homes caught in the home foreclosure process. The drop for the country overall is reported at 6 percent compared to last August.
Florida still ranks number four in the country for overall homes in the foreclosure process. As of now, one out of every 596 in Florida is threatened with foreclosure. While that number may seemingly be high compared to the rest of the country, for Florida, it is a major decline from last year.
Any home foreclosure situation can be stressful and overwhelming for Florida families. For those who still have the possibility of home foreclosure looming over their heads, there are several options of which those homeowners should be aware. One option is bankruptcy, as filing can halt the home foreclosure process and give homeowners time to consider all of their options without the threat of immediate legal action.
Source: realtytoday.com, “10 States with the Highest Foreclosure Rates“, Sept. 22, 2015