There have been several favorable indicators in the mortgage industry over the past several months following the crisis almost a decade ago. However, one metric moved in a negative direction, and industry leaders are watching carefully. The month-to-month increase of home foreclosure filings for Florida and elsewhere around the country more than doubled from the 10-year seasonal average.
A national data provider reports that over the past 10 years there has been roughly a 6 percent increase in foreclosure filings from July to August. However, last month’s data showed that there were 14 percent more filings from July to August this year. Industry experts cite a seasonal monthly increase that accompanies a seasonal decline in the overall housing marketing. The real estate industry has seen decreases in foreclosure activity every month for almost two years.
However, there is some concern in some housing markets. Florida topped the nation with the greatest number of filings, followed by California, New Jersey, Illinois and Ohio. The report also had information about the Houston market prior to the devastation caused by Hurricane Harvey. In the area of foreclosure starts, the nationwide figure was down 19 percent. However, Houston’s starts were up 28 percent for the same time period.
While the overall status of foreclosure in the country is favorable, the fact remains that some Florida residents are still struggling to make ends meet. They desperately want to avoid home foreclosure. An experienced bankruptcy attorney can help families understand all the options available to them. A respected lawyer can develop a plan that will help get families back on the right track financially.
Source: nationalmortgagenews.com, “Foreclosure increase in August more than double the norm“, Brad Finkelstein, Sept. 20, 2017