After the mortgage crises, many indicators reflect improvement in the financial situations for homeowners in Florida and throughout the country. Many measures are maintained to demonstrate performance of the housing market. While many improvements are being made, reports from a national real estate and property data provider show that one Florida county still has the room to improve when it comes to home foreclosure.
The report indicates that Miami-Dade County was second only to New York City in the rate of repeat foreclosures among major housing markets. A repeat foreclosure is defined as a foreclosure start on a property that showed a previous start in the last 10 years with the same owner and property address. The repeat foreclosure rate for New York City was 54 percent, while Miami-Dade County was a 32 percent rate. Other metropolitan areas with high foreclosure rates included Los Angeles, Atlantic City, Trenton and Philadelphia.
Throughout the United States, overall foreclosure activity was the lowest since Nov. 2015. Filings in April related to foreclosures, such as bank repossessions and default notices, decreased 23 percent from last year’s rate and 7 percent from the previous month. Miami-Dade County has seen significant improvements in the number of foreclosures, the rate falling 35 percent since last year. However, the rate for the county remains higher than other Florida metro areas.
During difficult financial times, most Florida residents have the goal of keeping their residence and avoiding home foreclosure. To accomplish this, many seek the advice of a knowledgeable bankruptcy attorney. An experienced lawyer can evaluate a client’s specific situation and offer guidance on the best plan of action.
Source: therealdeal.com, “Miami-Dade Foreclosure Rate“, Ina Cordle, May 11, 2017