Last year PBS NewsHour reported on the foreclosure crisis that followed the recession throughout the US, including Florida. Although we've recovered over the last few years, we're still feeling the sting.
Where Florida Stands
PBS journalist and columnist Paul Solman stated in a recent article that "the foreclosure crisis is far from over, especially in Florida which leads the nation with more than 300,000 cases still pending, another half-a-million homeowners delinquent, hundreds of thousands of modified loans about to balloon in payments."
Solman continues, "In fact, with one out of four Florida homes hit with a foreclosure notice in recent years, it's hard to meet anyone in this state who hasn't been touched by the crisis."
Solman continues, "In fact, with one out of four Florida homes hit with a foreclosure notice in recent years, it's hard to meet anyone in this state who hasn't been touched by the crisis."
...in Florida, total monthly foreclosure filings are averaging 18,322 per month as of [2016] - nearly twice the monthly average of 9,590 in 2005 and 2006. This elevated level, compared with pre-recession levels, and the elongated foreclosure timeline in Florida indicate the presence of a backlog of distress in the state that has still not been fully flushed.
Reporting servicers initiated 64,156 new foreclosures during the third quarter [of 2015], down from 82,668 a year earlier. The number of mortgages in the process of foreclosure at the end of the third quarter of 2015 was 269,751, a decrease of 23.8 percent from a year earlier. The percentage of mortgages within this portfolio that were in the process of foreclosure at the end of the third quarter of 2015 was 1.2 percent. Improved economic conditions and foreclosure prevention assistance contributed to the decline in foreclosure activity.
Breakdown by County
As of 2016, 1 in every 730 housing units received a foreclosure filing in Florida. RealtyTrac gives some insight into Florida's top 5 counties related to foreclosure rates:
Clay County
1 in every 397 homes
Santa Rosa County
1 in every 447 homes
Nassau County
1 in every 474 homes
Baker County
1 in every 480 homes
Citrus County
1 in every 483 homes
Duval County
In Duval County, foreclosure filing during March 2016 was 11% higher than February but 40% lower than March 2015. On the other hand, home prices were 180% higher than March 2015.
Jacksonville
1 in every 565 homes
Atlantic Beach
1 in every 870 homes
Jacksonville Beach
1 in every 1523 homes
Neptune Beach
1 in every 3584 homes
In Summary
What makes this situation even more daunting is the rapid speed in which these foreclosure cases are moving through the court system, especially in Duval County. If you are trying to save your home through loss mitigation options such as a loan modification or short sale, oftentimes the court will set a final hearing before loss mitigation can be thoroughly completed.
For this and many other reasons, if you are interested in saving your home, it is highly recommended that you consult with a knowledgeable foreclosure defense attorney who can help you navigate through the litigation process.