Ft Lauderdale Real Estate News 10/7/16
Florida Foreclosure Decline 80% in Past Year
Fort Lauderdale Foreclosures
We excerpt articles and reports from national media for our Blog. These do not focus on Fort Lauderdale or the state of Florida. We do, of course, so we like to spotlight Foreclosure and Housing stats for our local market.
In Florida, and South Florida especially, the real estate market is extremely dynamic and highly speculative. It is also a very large state, third largest in the nation at this point.
As a result you must maintain a sense of proper perspective. The headline might read Florida is leading the nation in the sheer number of foreclosures, however, the distressed property market has been declining sharply for the last several years.
Taken in the proper context these numbers seem pretty dramatic.
In September 2015 this report from RealtyTrac (now ATTOM Data Solutions) showed 1 home in every 186 in Florida was in some stasge of Foreclosure.
Now, In September 2016 this same report shows only 1 in ever 950 homes in some stage of foreclosure.
That's a decline of 80%.
Bear in mind these numbers are based on homes "in some stage of foreclosure." Basically that starts with homeowners who have received a late notice on their mortgage. As the economy has recovered, as home values (particularly in Florida) have risen, this will naturally impact these stats.
Foreclosure filings dropped to the lowest level reported since December 2005, signaling the end of the country's foreclosure crisis, according to Attom Data Solutions.
In September, there were 82,972 properties in foreclosure, down 13% from August and 24% from the same time a year earlier. For the third quarter, there were a total of 293,190 properties with foreclosure filings, representing a 4% increase from the previous quarter but a 10% drop from a year ago.
But perhaps the clearest indication that the housing market has reached the end of the foreclosure crisis is in the year-over-year decline in the average time to foreclose. Properties foreclosed in the third quarter took 625 days on average to complete foreclosure, down one day from the second quarter and five days from the third quarter of 2015.
This is the first time that indicator has decreased year over year since Attom began tracking foreclosure timelines in 2007.
"While we've known that the national foreclosure problem has been dying a long, slow death for quite some time, the final nail in the coffin of the foreclosure crisis is...