Sometimes, struggles with mortgage debt will lead to a homeowner facing foreclosure. Foreclosures can have major impacts on homeowners.
Some statistics that were recently reported on by the Palm Beach Post indicate that foreclosures are on the rise in South Florida and Florida as a whole. The statistics are from the real estate information company RealtyTrac and they regard foreclosure filings in February of this year.
According to the statistics, the South Florida region saw a significant year-over-year rise in foreclosure filings this February. Reportedly, 52.7 percent more foreclosure filings were made in the South Florida region this February than were made in the region in February of 2011. Reportedly, only one other metro region in the U.S. experienced a greater year-over-year rise in foreclosure filings this February (the Tampa metro region).
Florida as a whole also experienced a year-over-year rise in foreclosure filings this February. According to RealtyTrac, the foreclosure filing total in Florida this February was 40 percent higher than the state’s February 2011 foreclosure filing total. Florida reportedly was one of 21 states that saw year-over-year increases in foreclosure filings this February.
Thus, it appears that South Florida and Florida as a whole are experiencing a trend of rising foreclosure activity. This trend gives rise to some questions. What impacts will this trend and its causes have on consumers in South Florida and the rest of Florida? How long will this trend continue in South Florida and Florida as a whole? It will be interesting to see how these questions are ultimately answered.
Source: The Palm Beach Post, “South Florida sees nearly 53 percent spike in foreclosure filings,” Kimberly Miller, Mar. 15, 2012