Anyone familiar with previous posts here probably thinks that it is all "sunshine and roses" for the South Florida real estate market. There have been plenty of indications that this is true, from continually rising home prices to residential development, and even some news of bidding wars for the choicest of property. However, for those who have been buying and selling homes and other properties in the South Florida area in recent months, it can be easy to forget that there are still millions of Americans, including many in the local area, who are still having problems meeting their monthly mortgage payment.
A recent report may open some eyes, as new data suggests that the Miami area in particular is still seeing an unusually high rate of foreclosures. The data comes from a survey of several metropolitan areas throughout the country. Of the areas included, Miami was at the top of the list with the highest foreclosure rate during the first three months of 2013.
With all of the good news about the South Florida real estate market that has been revealed almost on a daily basis, these foreclosure figures seem to be an outlier. However, even though Miami was at the top of this foreclosure list, there might be some good news in the numbers. What could that be? Well, the rate of foreclosures from the early fragment of 2013 was actually lower than it was in 2012. Anytime there are fewer foreclosures, that has to be taken as good news.
Figuring out the right way to approach an unbalanced mortgage plan can be tricky. Some experts hew to a certain percentage of household income to cap what an individual or family should be paying for their monthly mortgage payment. Others will say that if someone doesn't have the money for a good-sized down payment, they should probably save for a few more years until they are in a better financial situation. But, for those who are currently battling their banks and lenders over their mortgage terms, learning about options for a loan modification could be the right path.
Source: South Florida Business Journal, "Miami tops national foreclosure list, harbinger of more foreclosures," Oscar Pedro Musibay, April 11, 2013