Just yesterday, the real estate analytics firm RealtyTrac released a rather eye-opening report examining the state of the foreclosure market in 2015, breaking things down on a national, state and local level.
While the report shows that we’ve come a long way as a nation since the record number of foreclosures six years ago, it also reveals that the lingering effects of the not-so-distant foreclosure crisis are still being felt in many states and cities.
According to the report, there were approximately 1,083,572 foreclosure filings — defined as new foreclosures lawsuits, repossessions and scheduled auctions — in the U.S. in 2015. It also determined that one in every 122 U.S. homes had a minimum of one foreclosure filing.
While these numbers likely seem high, consider that the total number of foreclosure filings declined by three percent from 2014 and a whopping 62 percent from 2010, which saw a record 2,871,891 foreclosure filings. Furthermore, the annual foreclosure was below one percent for the second straight year.
It wasn’t all good news, however, as the report also found that Florida had the second highest foreclosure rate in the nation in 2015 with 1.77 percent of housing units receiving a foreclosure filing, trailing only New Jersey’s 1.91 percent.
On a local level, the report found that even though the number of foreclosure filings in South Florida declined by an impressive 28.9 percent in 2015, the tri-county area nevertheless saw one in every 51 homes hit with at least one foreclosure filing. This was good enough to rank it fifth on the list of U.S. metro areas with the top foreclosure rates, trailing only Jacksonville, Tampa, Trenton, and Atlantic City.
As distressing as it can be to receive a foreclosure notice, it’s important for people to understand that they do have options. For example, filing for bankruptcy can often stop the foreclosure process. To learn more, consider speaking with an experienced legal professional as soon as possible.