Foreclosure starts jumped 74 percent in Miami
The news comes from indicators that show the post-recession housing boom is ending. Home prices are starting to come down. Interest rates are also rising causing buyers to have less purchasing power than before.
A huge predictor of an economic downturn is generally viewed by economists to be the rates foreclosure.
Miami Foreclosure Numbers
Thirteen states including FL posted year-over-year increases in foreclosure starts, or new foreclosure lawsuits, filed in February 2019. This is according to a newly released report by Attom Data Solutions.
FL Foreclosure Outlook
2019 will be the worst year for the housing market since the financial crisis some experts believe. Higher mortgage rates have current homeowners struggling to sell their house. It’s been over a decade since home affordability was so low.
It seems the worst effects of this have not trickled down considering that the banks have delinquent accounts and are not foreclosing therefore creating a potential backlog in the amount of foreclosures that haven’t hit the market yet.
Foreclosure Experience on the Front Lines in Fort Lauderdale
We spoke to a homeowner today that hasn’t paid her mortgage in over a year and the bank has not started the foreclosure.
“Most homeowners in foreclosure we speak to in the Broward area have been late 6 or more months before the process begins. It’s becoming increasingly difficult to process short sales as foreclosure times are shortening giving homeowners less time to get out of foreclosure.” says Anish Dave from Plantation, FL.
Antlop Investment Properties is the leader in buying short sales and helping homeowners avoid foreclosure in South Florida.
We’ve been seeing higher and higher amounts of families calling us about their foreclosures.
If you are facing the possibility of foreclosure, know your options.