Since the housing market crashed seven years ago, Florida took one of the hardest hits in the country. Home foreclosure rates in the state have kept it in the top five for years now. Even though Florida remains in the top five at number three, according to most recent data, there could be hope on the horizon for homeowners who are still at risk of losing their homes.
The rate at which foreclosures are being filed in Florida has slowed. Some speculate that this could be due to a case currently before the state Supreme Court. Its decision regarding a possible change in the statute of limitations for filing foreclosures could affect lenders.
On the bright side, the number of foreclosures that have been scheduled has reduced by 58 percent from last year. Another significant drop is from foreclosure activity, which enjoyed a reduction of 30 percent from just a year ago. Furthermore, the mortgage lending industry appears to be making loans to homebuyers that are affordable.
This could be contributing to the improvements in the housing market. However, central Florida remains a difficult area when it comes to people losing their homes. Ocala is listed as third in the nation for foreclosures, and Orlando is listed as number 13. This means that there is still a disproportionate amount of people here in the state who are struggling to keep their homes. More than likely, at least some of them are overwhelmed by debt and could benefit from filing for Chapter 13 bankruptcy, which could help them avoid home foreclosure and give them a fresh financial start.
Source: wmfe.org, “Florida’s Foreclosure Rate 3rd In Nation But Key Indicators Fall“, Catherine Welch, Dec. 10, 2015