Foreclosures Still Plaguing South Florida

In 2013 the housing market in South Florida has been rebounding with rising home prices and sales. At the same time, over 40 percent of mortgaged homes in the state’s biggest market, Miami, remain underwater financially, according to Corelogic. This high foreclosure risk in Florida is twice the national average, in which only 19.8 percent of mortgages are upside down. The state had the highest foreclosure rate in the nation for six straight months until March 2013.

The trend in the state’s rising home prices began in late 2012 as the market recovered to its best home prices since 2005. A major key to this recovery has been cash buyers, who account for half of the sales for single family homes. Townhomes and condos have also experienced price increases, in which over 75 percent of the buyers have paid with all cash transactions. This activity indicates heavy volume by real estate investors, who are helping reducing inventory, which is driving prices up. This situation does not necessarily favor the average home buyer who does not have the cash to pay upfront.

The foreclosure rate in Miami Dade County rose by about 78 percent in May 2013 from the previous May, which is six times the national average. The foreclosure rate in Broward County was even worse, rising over 112 percent for the same time period, according to RealtyTrac. But a lot of these foreclosures represent long term situations that have been delayed by the regulatory process, which has focused on sorting out issues, such as robo-signing and other improper activities by lenders. In order to move forward, a distressed home owner will need to contact a Miami Foreclosure Attorney to find out what options are available.

Florida Governor Rick Scott signed a bill in June 2013 that speeds up the foreclosure process. House Bill 87 cuts the time frame on the statute of limitations on deficiency filing to one year from a deed-in-lieu acceptance or sale date. Borrowers will also need to present either a certification of possession of the original note for the home or a lost note affidavit when the complaint is filed. By checking with a Miami Foreclosure Attorney, homeowners can find out how this new law, effective in July, can benefit them.

Florida has been one of the top states for the longest time frame of foreclosures. The state currently has over 55,000 vacant foreclosures, according to RealtyTrac. In May 2013 the Tampa Bay Times reported that Wells Fargo economist Mark Vitner, who has monitored the state’s economy for two decades, warned that less than half the jobs that disappeared in the crash had been regained and many were in lower paying industries. Despite rising home prices, he also cautioned that home ownership in Florida has fallen.

As part of the Troubled Asset Relief Program in the midst of the housing market crash, Florida was awarded a $1 billion program in February 2010 that is supposed to help people prevent foreclosure. This program is designed to provide up to $24,000 to financially troubled home owners. But in March 2013 the U.S. Senate began to look into complaints that the Florida Hardest Hit Fund was not helping enough people. By that time about half of the state’s applicants for this aid, about 20,000 people, had still not been notified about their status.

Homeowners in South Florida who are moving toward foreclosure, or trying to avoiding one, are advised to contact a Miami Foreclosure Attorney. RealtyTrac reported in 2013 that 56,077 Miami properties faced either default, auction or bank ownership, while the median price for foreclosures was $116,600.

If you are facing foreclosure and can no longer pay your mortgage, call the professionals at Adams & Associates at 888-724-9860.In 2013 the housing market in South Florida has been rebounding with rising home prices and sales. At the same time, over 40 percent of mortgaged homes in the state’s biggest market, Miami, remain underwater financially, according to Corelogic. This high foreclosure risk in Florida is twice the national average, in which only 19.8 percent of mortgages are upside down. The state had the highest foreclosure rate in the nation for six straight months until March 2013.

The trend in the state’s rising home prices began in late 2012 as the market recovered to its best home prices since 2005. A major key to this recovery has been cash buyers, who account for half of the sales for single family homes. Townhomes and condos have also experienced price increases, in which over 75 percent of the buyers have paid with all cash transactions. This activity indicates heavy volume by real estate investors, who are helping reducing inventory, which is driving prices up. This situation does not necessarily favor the average home buyer who does not have the cash to pay upfront.

The foreclosure rate in Miami Dade County rose by about 78 percent in May 2013 from the previous May, which is six times the national average. The foreclosure rate in Broward County was even worse, rising over 112 percent for the same time period, according to RealtyTrac. But a lot of these foreclosures represent long term situations that have been delayed by the regulatory process, which has focused on sorting out issues, such as robo-signing and other improper activities by lenders. In order to move forward, a distressed home owner will need to contact a Miami Foreclosure Attorney to find out what options are available.

Florida Governor Rick Scott signed a bill in June 2013 that speeds up the foreclosure process. House Bill 87 cuts the time frame on the statute of limitations on deficiency filing to one year from a deed-in-lieu acceptance or sale date. Borrowers will also need to present either a certification of possession of the original note for the home or a lost note affidavit when the complaint is filed. By checking with a Miami Foreclosure Attorney, homeowners can find out how this new law, effective in July, can benefit them.

Florida has been one of the top states for the longest time frame of foreclosures. The state currently has over 55,000 vacant foreclosures, according to RealtyTrac. In May 2013 the Tampa Bay Times reported that Wells Fargo economist Mark Vitner, who has monitored the state’s economy for two decades, warned that less than half the jobs that disappeared in the crash had been regained and many were in lower paying industries. Despite rising home prices, he also cautioned that home ownership in Florida has fallen.

As part of the Troubled Asset Relief Program in the midst of the housing market crash, Florida was awarded a $1 billion program in February 2010 that is supposed to help people prevent foreclosure. This program is designed to provide up to $24,000 to financially troubled home owners. But in March 2013 the U.S. Senate began to look into complaints that the Florida Hardest Hit Fund was not helping enough people. By that time about half of the state’s applicants for this aid, about 20,000 people, had still not been notified about their status.

Homeowners in South Florida who are moving toward foreclosure, or trying to avoiding one, are advised to contact a Miami Foreclosure Attorney. RealtyTrac reported in 2013 that 56,077 Miami properties faced either default, auction or bank ownership, while the median price for foreclosures was $116,600.

If you are facing foreclosure and can no longer pay your mortgage, call the professionals at Adams & Associates at 888-724-9860.

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