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Overall home foreclosure levels improving

It is generally exciting for the state of Florida to be ranked number one in the nation in most scenarios. However, recent reports show Florida to have more home foreclosure sales than any other state in the country. While this particular benchmark was not positive for the state, there are many indicators nationwide that reflect much lower overall foreclosure levels.

A financial organization that monitors mortgage activity reported that the number of foreclosures in June was the lowest since 2001. Also, for the month, the organization observed the lowest number of first-time foreclosures since its reporting began. Over the past five years, there has only been one month that saw an increase in foreclosure inventory. In fact, the numbers were lower than they had been prior to the mortgage crises.

Foreclosure sales have also declined in 2017. The number, a 23 percent decrease over the prior year, was the lowest the country has seen since 2005. While the inventory of active foreclosure loans has dropped significantly, experts state that it remains 44 percent above normal levels.

Aged foreclosures represent a substantial portion of outstanding foreclosures. Around 170,000 active foreclosures are over two years delinquent, while half of those have not had payment activity in over five years. Overall, industry leaders believe that foreclosure rates will normalize and drop to even lower levels over the next few years.

Despite overall improvements, some Florida residents may still be facing home foreclosure. It would be beneficial to contact a knowledgeable bankruptcy attorney for assistance. An experienced lawyer will help evaluate a situation and develop a strategy to help keep a client in his or her home.

Source: dsnews.com, "June foreclosure numbers have a ring of nostalgia", Scott Morgan, Aug. 7, 2017

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