Being ranked number one on a list is often cause for celebration. However, Florida once topped a list where many officials were not very pleased to see the state’s name. In the past, Florida was first in the country for home foreclosure activity. However, a recent report shows that Florida has made improvements in this area.
Florida now ranks seventh in the country for home foreclosures. One in every 1,140 homes was involved in some stage of the foreclosure process for May 2017. This number actually reflected an increase from April 2017, but was a decrease of 35 percent from May 2016.
National numbers for May 2017 were similar to Florida. There was an increase from the previous month, but a significant decrease from the last year. The reports reflect an annual decline in the numbers for the past 20 months.
May foreclosure activity decreased for most Southwest Florida regions from April 2017. However, one area mirrored the national and state numbers. The Sarasota-Manatee region’s foreclosures were higher than the previous month, but showed a decrease since last year, according to a real estate research company. Many Florida areas are seeing rates at their lowest point in many years for foreclosure inventory rate.
It is the goal for most Florida residents to avoid home foreclosure and stay in their homes. An experienced bankruptcy attorney can help homeowners who may feel overwhelmed with the prospect of losing their homes. A knowledgeable attorney will thoroughly discuss each situation and recommend a plan best suited to help a client regain financial control.
Source: heraldtribune.com, “Local foreclosure activity remains down over year“, John Hielscher, June 14, 2017