Housing Wire dubbed Florida the foreclosure capital of America in 2012 and it’s likely it will retain that status in 2013 and beyond too.
In fact Florida could easily be called the foreclosure capital of the world and it’s time that homeowners woke up to that fact and contacted a Florida foreclosure defense attorney to help them get a fresh start.
Last year the Sunshine State saw foreclosure filings soar 53% while the rest of the nation saw foreclosures drop to a 6 year low. Some Florida cities even saw foreclosures spike as much as 80% in the last 12 months.
One in every 30 housing units in the state was involved in some form of foreclosure activity last year alone. That suggests there will not be a single home untouched by foreclosure by the time this crisis is over. Despite the façade your neighbors may be putting don’t be surprised if they go down soon and tank your home’s value while they are at it.
Florida has a massive backlog of foreclosures, years long in some cities. As of March 8th Palm Beach County had almost 15,000 foreclosures it was working on that dated back as much as 5 years. As a whole the state has over 366,000 foreclosures backed up and almost 1 million more are predicted to hit over the next 3 years.
That means most haven’t hit the market yet and we are looking at many years before they are all worked through, let alone beginning an actual healing and then talking about an eventual recovery.
Yes investors have snapped up dirt cheap homes but that is actually hurting South Florida home sellers, not helping them, and even these vultures will move onto greener pastures too as they find better options elsewhere.
The banks are also being blamed for the slow foreclosures process. Why? Some homeowners are sitting waiting for their home values to go back up before they try to sell or take action. Ever think the bank is waiting for just that moment to actually move in and capitalize on that profit themselves?
The banks have teams of seven figure earning strategists to plan these things and the lawyers to back them up. And we already know there is really no penalty for any fraud they commit.
Many hopes are riding on the economy improving even though there is no real sign of it yet. Sadly any glimmer of change is likely to be dashed by the condition of the commercial real estate market too. Analysts estimate that another $120 billion plus commercial mortgages will come due this year and with a current rate of only 60% actually getting paid that predicts a huge financial mess, and makes it more likely that the economy will tank again. Then more residential foreclosures will begin to pile up from those that bought recently hoping it would turn around.
Clearly for underwater or struggling homeowners in Florida the time to take action to minimize the damage is now. It’s either doom yourself to a life of financial misery and depression-like times or get out and begin rebuilding. A Florida foreclosure attorney can help, but you have to be the one to pick up the phone and make the call…