Despite some encouraging housing figures in recent months analysts are now predicting the current surge in foreclosure fillings will cause a triple dip in Florida home prices.
New statistics revealed last week have homeowners in the Sunshine State clambering for help from local Florida foreclosure defense attorneys. Previous signs of improvement in the housing market are being put down to seasonal activity and artificially driven transactions which have failed to create any sustainable change. After moving past the 'robo-signing' scandals and clearing through a back log in foreclosures stuck in the pipeline lenders have now renewed their mission to act on delinquent homeowners.
This is clearly evidenced by October seeing the highest rate of foreclosure fillings in 7 months.
Taking a closer look at the numbers, and taking into consideration the number of new fillings already seen this year the figures are actually quite frightening. Currently Orange, Charlotte, Lee, Broward and Miami-Dade counties are leading the pack with as many as 1 in every 181 housing units receiving a notice last month alone. However, it isn't just foreclosure fillings that are up and are creating such a need for Florida foreclosure defense attorneys either.
On top of the 28% jump in foreclosures in Florida between September and October, according to new data published by USA Today the number of actual auctions have also risen 35%. In fact, contrary to the misconception that banks are afraid to take back more homes, repossessions are also up 4% nationwide. Add to this the fact that almost 50% of South Florida homeowners are underwater and credit bureau TransUnion's report of a fresh increase in mortgage delinquency rates and it is clear why analysts are worried.
"If predictions of a triple dip and a further 10% drop in home prices in 2012 are correct and the economy doesn't spring back into action soon it is clear that many more homeowners are going to find themselves in even worse positions very quickly".
The bottom line is that put together all of these statistics and signs suggest that foreclosures will continue at an increasing rate, the further saturation of inventory will threaten home prices which could lead to a continuing downward spiral making it more likely homeowners will be foreclosed on faster and have less chances to sell conventionally.
On the upside a further rise in delinquencies and dip in home prices could mean more motivation for banks and mortgage lenders to entertain short sales. However, successfully and safely negotiating a short sale, without
becoming a victim of a deficiency judgment definitely requires the assistance of an experienced
Florida foreclosure defense attorney.
The great news for underwater homeowners, particularly those in hard hit areas like Miami and Fort Lauderdale is that opting for a short sale no longer means walking away from a home with nothing to show for it. Florida foreclosure defense attorneys have increasingly been reporting significant cash payouts, ranging up to as much as $20,000 for those who complete short sales.
