Anyone who has ever missed a mortgage payment knows the fear of foreclosure. Thinking that the family home could be lost because of an inability to make payments on time can cause a high level of stress. But, unfortunately for millions of families throughout the country, and especially in Florida, the economic problems of recent years have forced many to actually see a foreclosure action carried out to completion. This nearly brought the American economy to its knees.
Fortunately, the housing markets are returning to relative stability in pockets of areas nationwide, and maybe none more so than in South Florida. Numerous posts here have detailed the amazing recovery that is occurring in South Florida counties, and now a recent report showed a little bit more good news for homeowners.
The report indicated that the number of foreclosure filings in Palm Beach County in 2013 dropped significantly. In fact, the number of filings, 9,857, was reportedly the lowest number in seven years and represented a 36 percent decrease in the number of filings when compared with 2012.
Although this snapshot of data represents the figures from only one county, the results are encouraging. The figures for Broward County and Miami-Dade County should be available in the coming weeks, and if the data from Palm Beach County is any indication, the data from those two counties may represent more good news as well. At least anyone who looks around at all of the housing development in these counties would probably think that the numbers will be good. As the local housing market continues the recovery into 2014, hopefully our South Florida readers will see less concern from families dealing with delinquent payments or trying to secure a mortgage loan modification.
Source: Sun Sentinel, “Palm Beach County foreclosure filings drop to 7-year low,” Paul Owers, Jan. 7, 2014