Florida was one of the states that were hit hardest by the housing crisis, with many residents suffering the loss of their home due to foreclosure. In the third quarter of 2013, the number of individuals 60 days or more behind on their mortgage payments dropped by a percentage rate in the double digits — one of only three states with this large of a decrease in only a single quarter.
Nationwide, the mortgage delinquency rate has decreased by 23.3 percent thus far in 2013. By the end of the third quarter it was down to 4.09 percent. Experts reported that the decrease statistics, both nationwide and in Florida, were no fluke. In fact, the group that collected the data used “all 52 million installment-based mortgages in the U.S.”
At the height of the housing crisis, there were approximately 63.14 million mortgages across the United States that were considered to be in default. That number was down to 52.31 million at the end of Q3, good news when coupled with the fact that the rate of new account originations also increased.
Of course, 4.09 percent still includes a lot of homeowners across the nation that could end up getting a notice of foreclosure. “Delinquency” is a term that could be caused by so many factors, including but certainly not limited to unemployment, high medical costs, divorce or the loss of a primary income earner.
Whatever the reason, the prospect of literally losing the roof over your head can be very frightening. Thankfully, there are professionals that devote their time to helping those in this type of situation by using both knowledge and extensive experience to defend against a potential foreclosure in Florida.
Source: Collections & Credit Risk, “Mortgage Delinquencies Plummet in Q3,” Darren Waggoner, Nov. 12, 2013