A new study from RealtyTrac reports that, in many Florida communities, the foreclosure rate fell in the first half of 2016. Despite this improvement, however, Florida still leads most of the country in the total number of foreclosures statewide.
As Orlando Business Journal reports, RealtyTrac still places Florida's total foreclosure rate roughly 26% higher than it was at its pre-recession level. While sharp improvement was found in specific regions of the state, only New Jersey, Delaware, and Maryland had higher statewide numbers.
ReatlyTrac's report comes just days after CoreLogic released its own report, which put Florida at the top of the national list of completed bank repossessions (foreclosures). That study, however, compiled and analyzed data up until July 2015, meaning that while Florida continues to be behind the curve in terms of recession recovery, the newest 2016 data does show that it is gaining ground.
The Good News
The good news is that in both studies, positive trends can be seen. CoreLogic, for example, while putting our state first for the amount of completed foreclosures, also documented a 37% drop in the amount of foreclosed houses—the most dramatic decline found in any state.
The RealtyTrac report also found encouraging signs in certain regions of Florida, such as in South Florida, which continues to experience plummeting foreclosure filings. "South Florida saw a 34 percent drop in foreclosure filings year-over-year," Keyes Company CEO Mike Pappas told RealtyTrac, adding that if trends continue "foreclosures will soon be at the lowest levels in a decade."
Are you facing the possibility bankruptcy or foreclosure? If so, you're not alone. At The Buchalter Law Group, we have helped countless clients navigate their financial straits to a better and brighter future. We're ready to assess your current circumstances, explore foreclosure alternatives, and begin pursuing proactive solutions that will help you and your family get out from underneath your debt.
You do not have to face this uncertain time without an effective Brevard County foreclosure attorney by your side. Call our offices today.