The housing market has been a big topic in the news for quite some time in Florida and all around the country. The home foreclosure rate skyrocketed when the market was in such disarray. For a period of time, Florida ranked among the top states in the nation for the number of home foreclosures. However, the rate is dropping and now has closed the gap with the national average.
A consumer financial information company recently reported on foreclosure rates around the country. The information was gathered from 401 metro areas in the nation. The latest reports show that Southwest Florida has seen a decrease in the level of home foreclosures for 2016. This rate for the region is now below the state level and is moving toward the U.S. average. For over a year, the rate of foreclosures among all outstanding mortgages in the region has remained under 2 percent.
Over the past six years, Florida’s foreclosure rate was one of the highest in the U.S. While the rates for the Southwest Florida region and the entire state remain higher than the U.S. average, improvements in the ranking continue. The report also states that the mortgage delinquency rate for the region has decreased.
Florida residents who are struggling financially must face some complicated choices. Typically, the main goal is to avoid home foreclosure and keep their homes. One option to consider to protect a home would be filing for bankruptcy. An attorney familiar with bankruptcy laws could provide much-needed advice on what the best course of action would be. Knowledgeable counsel will work on their clients’ behalf to help them protect their assets and improve their financial situation.
Source: heraldtribune.com, “Area’s foreclosure rates no longer among worst in nation“, John Hielscher, March 2, 2017