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The foreclosure quandary: far from over in Florida

| Jul 24, 2015 | Foreclosures

Hopefully, South Florida residents will someday be limited to merely reading about the region’s persistent foreclosure calamity, with specifics being cast in the past tense.

And those who were beset with housing-related difficulties will no longer be living that troubled reality.

At some point in the future, of course, things will have to level out economically in southern environs of Florida and across the rest of the Sunshine State for the high number of individuals and families who continue to be confronted by foreclosure-related challenges.

As to when that time will arrive, though, well, no one can seem to say with certainty.

“South Florida is a place where the economic recovery is still happening,” says one economist who focuses upon housing activity.

Relevant statistics can put things into perspective in a hurry. Here’s what the housing-related numbers germane to Florida are noting, according to a recent foreclosure report from the national real estate firm RealtyTrac. The numbers apply to the first half of 2015.

  • Even though foreclosure activity in South Florida is reportedly “way down” from last year, the region’s foreclosure rate is still near the top of all metro areas nationally
  • On the top-10 list of cities nationally with the highest foreclosure rates, Florida has a whopping eight entries
  • Florida continues its reign as the state with the highest foreclosure rate; in fact, more than 14 percent of all foreclosures in the United States are in Florida
  • Approximately 95,000 homes across the state are in the foreclosure process

Clearly, we’re not out of the woods yet.

Source: Miami Herald, “South Florida has sixth highest rate of foreclosure in U.S.,” Nicholas Nehamas, July 15, 2015