Many of our readers may have seen a previous post here that detailed how delinquent payments on mortgages are still a major concern in the South Florida real estate market. This is despite the fact that the local real estate market has experienced a rebound in the last few years that is nearly unmatched in the nation. The news on delinquent payments and foreclosures, however, may be worse than what was previously thought.
According to a recent report, the South Florida market was the top market for foreclosures in October out of all large metropolitan markets in the country. Not only was the South Florida market noted, but the markets in Orlando, Tampa and Jacksonville all took the next spots on the list, in that order.
These reports just go to show how far the State of Florida has to go before a complete real estate recovery is realized. By now most people know that the state was probably the hardest hit when the real estate "bubble" burst a few years back. And now the evidence confirms that it may be years yet before stability is reached.
The good news, if there was any to take from this report, was that while the numbers from October this year were grim, in the South Florida market the number of foreclosure filings was actually down a whopping 27.1 percent from October of last year. This shows some good progress, but the fact remains that there are simply too many homeowners in the local area who are struggling with their monthly mortgage payments. Lenders may be more lenient now than they were in past years, but there comes a point when they are only willing to work with borrowers for so long.
Source: South Florida Business Journal, "South Florida reclaims dubious title: Top for foreclosures," Brian Bandell, Nov. 13, 2014