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While the past few years of reports on the state of the housing market here in South Florida, particularly as it relates to foreclosures, have shown remarkably steady improvement, many in the industry have remained understandably unconvinced that this trend would endure.
In our last post, our blog spent some time examining acceleration clauses in the context of home mortgages. To recap, if a mortgage contains an acceleration clause, it means that in the event of default by the borrower, the lender can seek immediate payment of the full balance of the loan and, failing that, initiate foreclosure proceedings.
On the momentous occasion when a person's offer to purchase a home is accepted, they start eagerly watching the calendar, counting down the days until they are finally given the keys. Indeed, the excitement may be so great at the closing that the person finds it difficult to retain everything they've been told or remember the details of everything they've signed.
The last few years have seen Florida's residential real estate market undergo a miraculous recovery. Indeed, the influx of qualified buyers looking to capitalize on record low housing prices in the wake of the recession coupled with improving economic conditions and rising wages has served to fuel demand and create greater overall stability in the housing sector.
Given the considerable damage sustained by Florida's housing market during the Great Recession and the length of time it took to start recovering from this damage, people in the Sunshine State -- especially here it hard-hit South Florida -- can perhaps be forgiven for still being a bit skeptical about positive real estate reports.
While the nightmarish foreclosure levels reached during the height of the recent recession may seem firmly in the rearview mirror, it's important to understand that the horrors of the not-so-distant past are still very real for some Floridians. Indeed, hundreds continue to be haunted by what have become to be known as "zombie foreclosures."
Some people might reasonably be scratching their heads in wonderment as to why Florida state officials failed to apply for federal foreclosure funding that could have brought an infusion of $250 million into the state for distressed homeowners.
Two of the nation's leading real estate analytics groups, CoreLogic and RealtyTrac, have released reports over the last month examining the state of the U.S. housing market as it pertains to such factors as completed foreclosures, foreclosure inventory and underwater mortgages.
Back in January, our blog discussed a report from one data analytics group examining the state of the foreclosure market in 2015. Here, the report concluded that while the scars of 2010's foreclosure crisis had largely healed, it's effects were still lingering in many states -- including Florida.
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Kingcade Garcia McMaken
1370 CORAL WAY
Miami,
FL
33145
Miami Law Office
