Florida had the unfortunate distinction of leading the nation in home foreclosure rates in the United States for years. While there have been improvements in the numbers, southern Florida is still making news for ranking high in the nation for metropolitan areas in the country affected by home foreclosure. However, despite the high ranking, the marked decline is good news for some in Florida as homeowners find ways to keep their homes.
Overall, the southwestern part of the Sunshine State has areas that ranked 37th and 50th for foreclosure rates out of 401 metro areas. For the last month of the summer, foreclosures were measured at 2.6 percent. That rate was 4.57 a year ago. The rate for the entire country also dipped to 1.25 percent. The rate of homeowners 90 days delinquent in mortgages also dropped compared to last year, both in Florida and the United States overall.
While Florida still ranks high, the drop in foreclosure and delinquency is a good economic sign for homeowners. The rise in property values has been a factor that has helped the overall market. Also, many homeowners found ways to keep homes through the tough economic storm that gripped the country for years.
One way homeowners may have avoided home foreclosure is through the filing of bankruptcy. Certain types of bankruptcy can serve as a repayment plan for Florida homeowners who wanted to hold on the homes they loved, avoiding home foreclosure altogether. For others who are delinquent on their mortgage, bankruptcy may be a means of regaining financial control and getting the fresh start needed to ensure stability moving forward.
Source: heraldtribune.com, “Foreclosure rates continue to fall in region“, John Hielscher, Nov. 5, 2015