The good news is that foreclosure filings in the first half of 2015 are down in the United States. The not-so-good news to us here in South Florida is that our state has the highest foreclosure rate in this country — one in every 95 housing units — according to the latest report from Realty Trac. Approximately one in seven of the nation’s foreclosed homes are located in Florida.
Foreclosure filings in South Florida are the highest in the Sunshine State. Even though the economy is recuperating and foreclosure filings are down 30% over the last year, one in every 87 homes in Palm Beach, Broward, and Miami-Dade counties is in foreclosure.
In Florida, a judge must sign off on each foreclosure case which slows down the process. In 2013, Florida was allotted $21 million from National Mortgage Settlement for additional judicial support to tackle the foreboding backlog of home repossession cases. Those funds expired on June 31, 2015, leaving short-term turbulence for homeowners as foreclosure cases are scattered out to other divisions with judges who may not be knowledgeable with foreclosure law.
Although home repossession cases have dropped 66 percent in two years, Florida Supreme Court Chief Justice Jorge Labarga said in a letter to lawmakers in May that it would be hasty to declare the housing market completely healed.
New Jersey, Maryland, and Nevada followed Florida on the list of top foreclosure filing states in the first half of 2015.
If you or someone you know is seeking legal guidance and representation from an experienced foreclosure attorney in South Florida, please contact Klein Law Group at 561-220-6659 or fill out the contact form on our website at www.kleinattorneys.com. We offer a free 30-minute consultation to discuss your individual case in real estate, family law, and bankruptcy. Our offices are located in Boca Raton, West Palm Beach and Fort Lauderdale, Florida.