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Home foreclosure rates decreasing in Florida and nationwide

There have many positive financial improvements in the country following the mortgage crisis. Among them, home foreclosure numbers decreased significantly nationwide over the past year. Florida saw a 45 percent drop in foreclosures filed from 2016 to 2017. However, the state still ranks among the top states in the country for foreclosure rates.

Overall, the country saw foreclosures drop to the lowest numbers since 2005, with a 27 percent drop from the past year. From its highest level during the mortgage crisis, the filings have decreased 76 percent. Houses with foreclosures represented only .51 percent of all units last year, compared to 2.23 percent of all units during the crisis.

According to a public property database company, Florida ranked sixth in the nation based on the percent of homes with filings for foreclosure. New Jersey, Delaware, Maryland, Illinois and Connecticut were the top five in the country with the highest foreclosure rates. In addition, Florida was also among the states with the highest amount of legacy foreclosures, and those involving loans started between 2004 and 2008. The state was ranked third, following New York and New Jersey.

Also, Florida found itself near the top of the list of states with the longest average time to foreclosure. Florida's average time was 1,493 days, which placed the state third in the country behind Indiana and Nevada. The Orlando area in Orange County was among the top counties across the nation in average time to foreclose.

Despite improvements in the home foreclosure numbers, there are still situations that find some Florida residents struggling to stay in their homes. An experienced bankruptcy lawyer can help homeowners develop a plan to help regain control over their finances. A knowledgeable attorney will evaluate a client's situation and recommend solutions best suited to their specific needs.

Source: Tampa, FL Patch, "Florida Still Ranks High In Number Of Foreclosures", Don Johnson, Jan. 19, 2018

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