Several of our previous posts here have noted that there are some indications that the South Florida real estate market is leveling out – or even headed toward a slight downturn. There have been a number of economic and price-point indicators to support this conclusion, but it hasn’t been all bad news. However, a recent report contained some data that will likely continue to leave real estate and mortgage experts concerned.
According to the report, over the last six months there has been an increase in the number of foreclosure filings in South Florida. The increase could be considered slight – just six percent – but it is enough to catch some attention. The tri-county area of Miami-Dade County, Palm Beach County and Broward County saw over 7,300 new foreclosure cases between March and August of this year. In the same time period in 2015, the number stood at 6,934.
Obviously, it would probably be better for the overall real estate market if there was no increase, but this isn’t likely to be a reason to panic just yet. In the article, one expert noted that the number of foreclosure filings was within the normal range. And, that number is definitely a far cry from the depths of the housing bust when, in 2009, there were over 133,000 foreclosure cases filed.
Many South Florida residents struggle to pay their bills each month, but the mortgage payment is usually at the top of the priority list. However, for those who believe that their financial situation is not improving and they are in danger or making delinquent payments, it may be time to consider the possibility of pursuing a mortgage loan modification.
Source: Sun Sentinel, “New foreclosure cases up 6 percent in South Florida,” Paul Owers, Sep. 19, 2016
