Tuesday, October 22, 2013

Florida Leads The Nation In Foreclosure Filings

With percentages of distressed homeowners dwindling nationwide, Florida still has a long road ahead with more foreclosure inventory than any other state in the US. With 7.9% of all mortgaged homes foreclosed on (not IN foreclosure), the bridge to recovery is a slow build. Places like Jacksonville, Orlando, Miami-Ft. Lauderdale, and Tampa are just a few of the Florida Cities listed by Business Insider/Realty Trac as cities with the most foreclosure filings. These 5 cities were part of 9 of the 14 total cities in the US with the highest ratings.

A judicial state, foreclosures take an average of 907 days to reach completion in Florida, thus prolonging the process and increasing our foreclosure rates. This means that the bread and butter of foreclosure activity is a result of older cases moving through the court system. So the good news is that these loans are more than likely a metaphoric hangover form the original crash of the housing market, and not new filings. 

With that being said, our Monkey Sold personal opinion is that foreclosures haven't met a stand still simply because homeowners are not educated on their options. In fact, a large percentage of leads we receive in our office are from homeowners who do not even know what a short sale is. Reaching out through new and effective marketing, we want to do what we can to inform homeowners that foreclosure is NOT the ONLY option.

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