February Shows Major Improvements for Foreclosures
Written by Emil Fleysher | March 20, 2015 | Foreclosure
A 35 percent decrease in new foreclosure filings can be seen in Broward and Palm Beach counties, showing how the improving economy and higher home prices are benefiting homeowners. In February 2014 Palm Beach County had 342 new filings, 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 with one in every 570 properties facing some kind of foreclosure process. RealtyTrac reports that although Palm Beach and Broward counties are still seeing some adversity, the overall foreclosure numbers, which include bank repossessions and scheduled auctions, are expected to drop below pre-crisis levels.
New foreclosure filings have decline 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 are aggressively setting dates for trials and auctions. A Boca Raton attorney stated that homeowners could respond to a foreclosure lawsuit and 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.
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