The mortgage crisis that began nearly a decade ago affected many Florida residents and others throughout the country. Many families were concerned that they could not keep mortgage payments current and feared they would lose their homes. However, improvements in the economy have also been reflected in the latest mortgage industry statistics. A recent report from a national financial services organization indicates that the home foreclosure numbers are at the lowest point in more than 10 years.
The report also documents that other foreclosure activity indicators are the lowest in the last decade as well. Homes in foreclosure presale for the month of July 2017 were down 12,000 from the previous month and were also down 28 percent from July 2016. The total number of loans in foreclosure was below 400,000 for the first time since Feb. 2007.
Another indicator is the national foreclosure rate for July. At 0.78 percent, it is down nearly 3 percent from June and almost 28 percent since last year. Reports also show that there were 53,300 foreclosure starts in July. April 2017 had fewer starts, but these numbers are the first and second lowest since 2005.
One area that saw an increase is the total loan delinquency rate, which includes loans not yet in foreclosure, but more than 30 days past due. The July numbers were up from June, but lower than the rate from last July. Mississippi and Louisiana top the list of states with the highest number of foreclosures and delinquencies, while Colorado and North Dakota have the lowest percentage of loans that are not current.
While overall improvements in home foreclosure levels and other indicators are encouraging, some families in Florida are still struggling to keep their homes. It would be helpful for those homeowners to contact a knowledgeable bankruptcy attorney for guidance. An experienced lawyer can help clients evaluate their situation, understand all possible options available to them and develop an appropriate plan of action to get back on track financially.
Source: housingwire.com, “Black Knight: Foreclosures drop to lowest level in more than 10 years“, Ben Lane, Aug. 24, 2017