South Florida foreclosures are surging once again, as one out of every 30 homes was in some form of distress during the first six months of the year, the Miami Herald reported.
Hiring a Miami foreclosure attorney is the best course of action for homeowners seeking to stop home foreclosure in South Florida or for those seeking to avoid or prevent a foreclosure sale. As we continue to report on our Miami Foreclosure Lawyer Blog, homeowners have a variety of options, including short-sale, mortgage loan modification, refinancing, strategic default, bankruptcy or simply walking away. Each case is unique and each option has advantages and disadvantages. Speaking with an attorney can provide struggling homeowners with a clear view of their best course of action.
RealtyTrac anticipates little change in the statistics for the last half of 2010.
Through the first six months of 2010, a total of 95,357 foreclosures were reported in South Florida, an increase of 9.5 percent over the same six-month period last year. Those figures combine initial foreclosure filings, auction notices and bank repossessions. In Miami-Dade County, 38,395 properties were in foreclosure — up 11.5 percent from a year ago. Broward County had 37,988 in the first half of the year — or 1 in every 21 homes. That represents a 3.6 percent increase over a year ago.
While the number of distressed properties has increased, the first half of the year did show a decrease in new foreclosure filings. Experts say the real estate market will not begin recovering in earnest in South Florida until the distressed properties quit hitting the market at discounted rates. Many don’t expect that to happen until sometimes in 2012.
Florida’s rate of 1 in 30 homes in the highest in the nation. Nationwide, 1 in every 78 homes is in some form of foreclosure. Florida ranks second only to California for total number of foreclosures. Nationwide, there were more than 1.9 million foreclosures in the first half of the year.
If you are facing foreclosure in the Miami area or are seeking home-loan modification in South Florida, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.