Foreclosures in South Florida: Here’s the Scoop!
As an experienced realtor who has worked in the Parkland area for twenty-four years, I am often recognized when I am out and about, and it is not uncommon for someone to approach me with a real estate-related question. (By the way, I never mind. :)) The questions are usually rather general, such as, “Bobbi, do you think we’ve started to recover?” or “Bobbi, are there still a lot of foreclosures in our area?”.
The truth of the matter is, we can’t really claim we have recovered until we have sold all the short sales and foreclosures. How low the banks will go to sell these properties will clearly define the bottom. With new short sale and foreclosure listings coming on the market every day, it is glaringly apparent to me, we still have a way to go.
In order to have a clearer picture of the foreclosure situation, I asked my real estate attorney/colleague, Craig Packer at Firm Title, to provide me with any information he had regarding the situation.
Gathering information/statistics from various periodicals and newspapers, Craig compiled the following information for me to share with you. The numbers certainly confirm that we are not out of the woods yet.
Craig’s information follows:
Here is a small glimpse on how foreclosures are impacting South Florida:
By the Numbers
265,000 — Total foreclosures in Miami-Dade, Broward and Palm Beach counties since 2007.
23,348 — Total permanent South Florida mortgage modifications under the federal government’s Home Affordable Modification Program, HAMP.
48 — Percentage of homes worth less than the amount of the mortgage in Miami-Dade County.
10,000 — Mortgage counselors hired by Bank of America in 2010.
600 — Average number of days it takes to complete a foreclosure in Florida.
174,000 – Property Tax Appeals filed by South Florida homeowners in 2009.
109,496 — Pending foreclosure cases stuck somewhere in South Florida’s court system.
10,000 — Foreclosure affidavits signed each month by GMAC employee Jeffrey Stephan, the first bank employee exposed as a so-called robo-signer.
$9.6 million –Amount granted to the Florida Legislature Last Year to help close out 347,000 foreclosure cases from its backlog in 12 months.
200 — Foreclosure cases Miami-Dade courts would need to dispose of per day to meet the Legislature’s goal.
Everyone has been left scrambling to find solutions to the real estate collapse. Major lenders, local governments and county courts have spent the last three years trying to deal with the fallout from the housing crisis. Each institution quickly found out it was unprepared and undermanned to handle the crisis, and most have been trying to play catchup ever since.
In this difficult climate, it is imperative that you access your rights and options. The current real estate market, and ongoing foreclosure crisis, presents all sorts of issues that must be properly navigated. Our defense lawyers have assisted many parties in buying enough time to reach the solution that is right for them.
There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.
Consider Your Options. Contact Us Today.
We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
If you are on the brink of foreclosure, need a real estate attorney, or just need to access your legal rights, please contact our office today. (954-236-0492)