It's no secret that Florida was one of the states that was hit the hardest by the "burst" of the housing bubble several years ago. Like the rest of the country, it has been a long slog to recover value for homeowners throughout the state. And, for many, paying the monthly mortgage payment is still a serious concern. Foreclosures remain an issue in Florida.
As previous posts here have mentioned, foreclosures remain a problem for the national housing market, and the South Florida area is not immune to this issue. Although many real estate markets throughout the country are recovering from the plummet in property values that took place a few years ago, there are still too many homeowners who are struggling with their monthly mortgage payment.
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.
There are a lot of factors in play when a South Florida resident is looking for that prime piece of property to call home, but perhaps no factor is more important than the process of applying for a mortgage. Securing a mortgage for a home is probably one of the biggest financial decisions a person will ever make, so it is important to know the basics of this transaction.
Back when the housing bubble burst a few years ago, billions of dollars of home equity was lost by millions of homeowners throughout the country. Florida in particular saw home values plummet drastically, and there is still a long way to go before values return to pre-bubble figures - if they ever do. Nonetheless, there is a strong housing recovery taking place in South Florida, even if we are years from a return to relative stability. However, the local market is still dealing with the aftershocks of that bubble bursting, with many homes in South Florida still "underwater."
Many Florida residents know what it is like to have trouble staying on top of a mortgage plan. When people enter into a mortgage agreement, they rarely do so with thoughts of future trouble in trying to make the monthly mortgage payments. But, for whatever reason, be it the sudden loss of a job or another significant change in income, sometimes life changes result in a need to reassess the ability to make those payments.
Over the last several years there have been far too many Americans who have had to experience the uncertainty and flat-out fear associated with foreclosure. Florida residents are especially familiar with this problem, as the state was one of the hardest hit by the housing bubble "bursting." Despite occasional reports about economic bright spots, both in Florida and nationwide, there really hasn't been all that much good news for American workers and homeowners lately. However, with the South Florida housing market on the rebound and Florida residents overall trying to bounce back themselves, every little bit of good news can help.
Amid the continuous stream of positive reports concerning the South Florida real estate market, it can be hard to remember that there are still millions of people in America who are facing problems dealing with foreclosure and delinquent payments. According to a recent report, however, this problem may hit closer to home than many of our readers realize.
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.
For months our South Florida readers have probably gotten used to seeing nothing but good news about the residential real estate market in the local area. Indeed, there has hardly been a month where the real estate data and figures gave anyone involved in the real estate market a reason to pause and think about any negative factors to consider. But, on the other hand, many of our readers probably also know that Florida was one of the states that was hit the hardest by the bursting of the so-called housing "bubble." So, perhaps it should come as no surprise that foreclosure actions are still a problem throughout the state - including in South Florida.