A financial and consumer information company that tracks national trends has reported some encouraging news for homeowners in Florida and across the country. The level of home foreclosure inventory as well as the number of completed foreclosures has significantly decreased over the past year. The company includes all homes at some point in the foreclosure process in its definition of foreclosure inventory. Homes lost to foreclosure make up the number of completed foreclosures.
In addition, the company reports that there has been a decrease in mortgages in serious delinquency. A seriously delinquent mortgage is one that is 90 days or more past due, a loan in foreclosure or a real estate owned loan. This decrease was widespread throughout the country as the report shows declines in delinquencies in 48 states and the District of Columbia.
Experts are optimistic about the declines in foreclosure activity and delinquencies. The company attributes the improvements in these rates to lower unemployment and stricter underwriting guidelines. Increased prices for homes has also had an effect. Further decreases in these measures are anticipated for 2017.
In the report, Florida is listed as the state with the largest number of completed foreclosures. The other states in the top five are Michigan, Texas, Ohio and California. These five states account for 36 percent of all completed foreclosures in the country.
Florida homeowners may be overwhelmed with the possibility of losing their residence to home foreclosure. Often, they turn to an attorney familiar with bankruptcy laws to aid them in the efforts to keep their houses. Experienced lawyers can provide advice and help residents develop a strategy to avoid foreclosure on their homes.
Source: worldpropertyjournal.com, “Steep Decline: 21,000 Completed U.S. Home Foreclosures in December“, Feb. 15, 2017