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February Shows Major Improvements for Foreclosures

foreclosure filings

A 35 percent decrease in new foreclosure filings notable in Broward and Palm Beach counties. This shows how the improving economy and higher home prices are benefiting homeowners. In February 2014 Palm Beach County had 342 new filings, in February 2015 only 223. Last year Broward County had 690 new filings in February but in 2015 there have only been 448 new filings. However, Florida still has the third-highest foreclosure rate across the country; one in every 570 properties faces some kind of foreclosure process. RealtyTrac reports that although Palm Beach and Broward counties are still seeing some adversity, the overall foreclosure numbers are expected to drop below pre-crisis levels. They include bank repossessions and scheduled auctions.

New foreclosure filings have declined substantially during this past year. This is mostly due to the improving economy, job advancement, and the increase in home prices. The majority of the foreclosures in the court system right now are leftover from the height of the housing collapse. South Florida attorneys agree that judges are working tirelessly through the backlog. And, they are aggressively setting dates for trials and auctions. A Boca Raton attorney stated that homeowners could respond to a foreclosure lawsuit. And, they could put a series of delays that would leave the case sitting for two or three years. But, that is no longer happening as judges are pushing those cases forward. Data provided by RealtyTrac also shows that February’s figures were the lowest since the housing collapse in July 2006.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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