There has been a downturn in foreclosure filings in South Florida. Since January of 2013, new foreclosure filings in the tri-county region of Miami-Dade, Broward and Palm Beach Counties, has decreased by approximately 3 percent.
As of the start of 2013, fourteen percent of outstanding loans in Miami-Dade County were in foreclosure. However, declines from January resulted in a 3.79 percentage-point drop in Miami-Dade. Mortgages that have been in delinquency for 90 days or more have also decreased by about 4.53 parentage points.
Broward County had approximately 11.42 percent of mortgages in foreclosure in January. From January 2012, this is a drop of 2.31 percent. Mortgage delinquencies have been reduced by 3.29 percentage points since the start of 2013.
Foreclosures in Palm Beach County also decreased in January to 10.3 percent; this is a reduction of 2.3 percentage points from last year. In Palm Beach County, a reduction of delinquency mortgage loans also dropped by 3.14 percentage points from 2013.
The real estate market of South Florida is on its way to getting back on its feet. However, should you be in either pre-foreclosure or foreclosure, it is vital that you know your rights. Should you be looking for information about foreclosure or should you need help getting out of foreclosure or a loan modification, please do not hesitate to contact Tina El Fadel, the head of the foreclosure division at KS-Attorneys at Law.
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