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National Foreclosure Numbers Spell Hope; Florida Continues to Lag

Is there finally light at the end of the tunnel for the foreclosure crisis that has, to varying degrees, challenged every state across the country for the past several years?

According to a report released yesterday by foreclosure listing firm RealtyTrac, Inc., there is, although that assessment comes with one caveat, as stated thus in one media account: "There remains a sharp divergence along state lines."

Florida hardly needs to be reminded of that, with the state continuing to lead the country in foreclosure activity. In fact, RealtyTrac estimates that one of every 117 households across the state was embroiled in some stage of foreclosure last month.

Still, Floridians would not be remiss in harboring legitimate hope fostered by new housing-related numbers showing a renewed buoyancy in the national market overall.

Here's why, say pundits backed by a slew of relevant industry statistics: Across the nation as a whole, things are looking better. Foreclosure filings are down. The pace of mortgage defaults is discernibly slowing, and auctions and repossessions are no longer daily occurrences in some especially hard-hit locales.

Industry insiders say that the approximately 180,000 foreclosure filings reported last month nearly halve the number reported when the housing market was openly hemorrhaging in early 2010. Moreover, foreclosure filings nationally dropped by several percentage points from August, showing traction and sustained improvement.

Do the positive numbers absolutely right the ship?

Obviously not, note realty experts, although they certainly spell some welcome news and spark hope for the future.

As for many Florida residents, they continue to be comparatively far more challenged than homeowners in other states and will want to see sustained and material improvements going forward.

Source: ABC Action News, "Florida's foreclosure rate highest in country as US foreclosure filings hit 5-year low in September," Marcy Gordon, October 11, 2012

  • Our firm has a longstanding history of providing knowledgeable, impassioned and focused advocacy on behalf of Florida homeowners facing foreclosure challenges. We invite readers to learn more about our attorneys and practice by visiting our Florida Foreclosure Laws page.

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