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831 W. Morse Blvd., Winter Park, Florida 32789

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How Bad is Florida’s Foreclosure Outlook in 2013?

2013 Foreclosure Outlook in Florida

The overall decline in home prices is the major underlying force behind Florida’s high foreclosure rates. It is the legal systems of the regions’ respective states that are affecting whether foreclosures are still rising or declining.

Florida has a long foreclosure process, which involves the courts on many occasions, while, for example, Nevada’s process is much shorter and non-judicial. Florida is therefore far behind in liquidating its foreclosure inventory, while Nevada is farther along the process as are many other states.

3 Million Floridians Have Lost Homes Since 2007

Since the housing crisis began in 2007 more than 3 million Florida families have lost their homes. Tight lending standards make it virtually impossible for them to get a mortgage immediately so most have opted to rent single family home.

There are approximately 750,000 Florida foreclosures pending and expected, a Courts Administrator said. Florida foreclosures may not return to “normal” until after 2016. Even then, 70,000 cases a year will move through Florida’s court system.

What Available Rentals Say

Families don’t generally look for apartments if they’ve owned a home. They’ll look again for a home to rent. Condos and Town homes are often rented by single previous homeowners. The outlook for Florida’s foreclosure crisis can be directly correlated to the number of available single family homes for rent in the state.

Last month CoreLogic reported that demand for single-family rental housing is outstripping the available supply of homes, and some housing markets that have been hit hardest by the foreclosure crisis have seen rental demand skyrocket.

Here is CoreLogic’s Prediction

“The two major drivers of improvement in the market have been the decline of real estate owned (REO) sales and less available inventory. The decline in REOs drove a sharp turnaround in home prices, but the impact of the decline will be more muted in 2013,” according to.

“The major factor driving the market in 2013 is the lack of inventory. Many trade-up borrowers have been locked out of the market because their outstanding loan balance is greater than the market value of their home. Current owners need to sell at prices high enough to extinguish their debt and provide equity for the next home purchase. Until home prices began to rebound in 2012, these borrowers had been effectively locked out and unable to list their homes for sale.”

You’re Not Alone if Your Home is in Foreclosure

According to , Florida has had the second highest foreclosure rate for three consecutive months and has been one of the top-ranked states for quite some time, according to the latest foreclosure report from RealtyTrac. 

Two of the top five cities with the highest instances of foreclosures are in Florida – Miami and Jacksonville—The Miami area led all Florida regions in the number of new foreclosures. It also ranks No. 3 in new foreclosure rates among the 50 largest metros with 9,031 foreclosures in December — a rate of one in 273.

Don’t wonder what will happen or what you should do. First of all, you have to call a lawyer. Work with an experienced attorney who regularly handles foreclosures and knows who has the ability to reach bank and lender decision makers. Eric Lanigan and Roddy Lanigan provide clients with in-depth, careful and thoughtful direction. They’ve seen foreclosures balloon since 2007 and have handled thousands in Florida. 

The Lanigans Handle Your Foreclosure Personally

You are not alone and you will have the Lanigans work with you personally on your foreclosure. A big part of foreclosure work is paperwork and all of it is personally handled by Eric and Roddy Lanigan. If you have questions, the Lanigans will answer. You will not be passed off to an assistant or put on hold. You’ll be treated with respect and with compassion for your situation. Foreclosure can be stressful and the Lanigans are very careful to help you get the results that you hope for working with you to achieve goals. 

If you’re confused, not sure if you can afford your house payments and know that you’re headed for a foreclosure contact the Lanigans today. There is always a possibility that you can do a mortgage workout–a mortgage refinance. You can have your principal lowered, a lower home payment, lower APR, second mortgage forgiven. There are many things that can be done to lower your mortgage payment and save your home. 

 

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