Foreclosure News

Florida Heads U.S. in Foreclosures

Published: Wednesday, 02 December 2015
Written by Administrator

Florida led the U.S. in home foreclosures this year, reports show.

Of the top 5 states with highest ranking number of home foreclosures. Michigan with 45,00; Texas with 32,000; Georgia with 26,000; and California with 26,000. The combination of the top 5 states ranked for foreclosure consisted of close to half of the foreclosures nationwide.

In September, the foreclosures in the nation consisted of 470,000 (1.2%)  of mortgaged homes throughout the nation, in comparison to 1.6% of mortgaged homes in September of last year.

Read more...

Florida Foreclosures Increase 12.6%, Tampa ranked 10th in Nation

Published: Wednesday, 02 December 2015
Written by Administrator

Rates of foreclosure for Florida properties increased 12.6 percent this October in comparison to September, a small amount larger than the national increase of 12%. This is the biggest jump in foreclosure rates since August ’11. It was no surprise, this is the 5th October that holds an increase in foreclosure rates.

The 12% increase in October is over twice the average 5% monthly increase through the last 5 Octobers. The larger monthly increases throughout certain other states is definitely cause for concern.

The increase in foreclosure may be a showing of issues in current economy, and in some cases shows longer term delinquencies that are eventually resulting in foreclosures.

Read more...

Most Foreclosure of Properties bought in '00's

Published: Monday, 14 September 2015
Written by Allison Slusher

There are a total of 45 advertisements of foreclosures in “The Newnan Times-Herald” this Sept.

The homes are scheduled to be auctioned off at “Coweta County Justice Center” in October. Usually, a lot of the advertised homes don’t get as far as auction because owners will come up with payments.

Every one of the advertised homes are residential, most were bought between ’01 and ’10. 2/45 were bought prior to 2000, and a mere 6 were bought post ’09. 4 in ’10 and 2 in ’12. 11 of the homes were bought (or refinanced) in ’06, and 7 in ’05, at the peak of the “housing bubble”. 5 were purchased in ’08, just shy of the bursting bubble. 

Over the nation, foreclosures have decreased a lot since over the past year. “Serious delinquencies,” which are mortgages that haven’t been paid in over 90 days after their due date, have decreased twenty-three percent from 2014 to 2015.

 Finished foreclosures declined by over 24% in July ’14, and property prices have increased by 7% across the nation since last year. Foreclosures are down 6.1% since June ’15 - July ’15.

 Aside from these increases, Georgia is #5 in the nation for foreclosures between ’14 and ’15. There were 27k foreclosures throughout Georgia in that period. Florida was #1, by a landslide, having almost 100k foreclosures. Michigan came in 2nd with 47k.

 

South Florida Renters Affected by Property Crisis

Published: Friday, 11 September 2015
Written by Allison Slusher

A lot of Florida residents are watching their properties be foreclosed on. In spite of the fact that the rate of foreclosures in Florida has decreased almost by half in the last year, it is still 2x the rate in the nation.An estimated 1/87 of Florida residents are effected by foreclosure.  In 3 highly populated counties in Florida, about 15% of homes are at a risk of foreclosure. 

Many Florida renters who may be affected by foreclosure are stressed about finding an affordable place to live. They are looking for place where they can live for a long time and will not have to worry about eviction. Many landlords refuse to tell tenants, or prospective tenants about a possibility of foreclosure on the home, because of the high turn-over rate of rentals in Florida.

A recent change in Florida law will greatly effect both tenants and landlords. The statute was made in place of “Protecting Tenants at Foreclosure Act” , a fed. statute. The statute was created when the “foreclosure crisis” was peaking. It creates a situation where renters are able to stay at their properties for the remainder of their lease agreement. Additionally, it allows for at least 90 days. It was created to be a temporary law before a permanent solution came about.