The over all number of foreclosures reported each month has dropped from March to April. State wide, the drop is over ten percent. The only city to report an increase was Jacksonville, at a mere 1% increase. Since last year, foreclosures have fallen nearly 50 percent statewide. The large drop in foreclosures from just last year may be due to overseas buyers who are attracted to the discounted properties located in an international vacation destination. The stock market is going back up and investors are starting to scoop up discounted houses. However, the reason for the huge drop in the number of Florida foreclosures is more likely the scandal over robo signers who signed foreclosure documents with out looking at them, or in some cases did not sign them at all. Lenders have had to take a hard look at how they process foreclosures and make sure they were properly documented. Mishandling of foreclosure process is one of the reasons hiring a Miami foreclosure lawyer is so important if your home is at risk of foreclosure. Foreclosure is not your only option, and hiring a Miami foreclosure lawyer will mean making sure you have no other options.
Several banks froze foreclosures entirely and then spent several months going through all the documents for foreclosures. This slowed down foreclosures already in progress and also kept the banks from filing new foreclosures. Also, Florida requires a court hearing before the foreclosure can be finalized. All of these variables combined mean that foreclosures are taking two to three times as long.
The delays in processing foreclosures has reduced the number of homes that were seized by the banks in the first-quarter of the year, but could mean a jump later in the year. As banks go through the back log of foreclosure cases, the number of foreclosures in Florida is likely to increase in the latter part of this year. While experts had hoped the drop in foreclosures meant the market was starting to stabilize itself, this may not be the case at all. Next quarter numbers are more likely to be a better reflection of where the market is heading for 2011.
ForeclosureDataOnline.com reported in March that nearly 2 million homes owners were behind on their mortgage payments and are at risk of going into foreclosure. These home could hit the market soon, adding to the three and a half million homes that are already for sale. This huge influx to the market is likely to continue to keep pressure on housing prices that continue to drop. With many people still out of work and obtaining a mortgage increasingly difficult it is unlikely the housing market will improve much in 2011. While this is bad news for the housing market, it means it is still a buyers market for prospective homeowners with a good income and good credit.
High levels of foreclosure also mean that banks are less likely to want to foreclose. If you are part of the nearly 2 million homeowners who are behind on their mortgages, contact a Miami foreclosure lawyer to see what options you have. Banks are increasingly willing to agree to loan modifications, short sales and refinancing as opposed to foreclosure, which costs them a great deal of money. In most cases, a Miami foreclosure lawyer can work with your lender to find a solution that does not involve foreclosure.
Foreclosures in Florida Drop 12% in April – Slowdown Resulted From Robo-Sign Problems, by PRNewswire, April 21st 2011