South Florida's foreclosure rate ranks 13th out of 212 metropolitan areas so far this year. One in 53 properties in Palm Beach, Broward, and Miami-Dade counties is in some stage of foreclosure. So far this year, the foreclosure rate for South Florida is 46,559 homes in foreclosure; up 24 percent from a year ago. The number of new cases increased 34 percent from last year.
However, the South Florida housing market has improved in the past few months. But, these numbers are a reminder that it will take time for South Florida to recover. Impeding the recovery is the prospect of more foreclosures in the coming months and a large number of homeowners who owe more than their properties are worth.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 954-484-9987, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
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