There is much to be optimistic about in the Florida real estate market according to some recent studies. It was reported that mortgage applications in Florida had risen 189 percent in one year. This rise is in large part due to the increase in individuals who are looking to refinance their homes. In May, 2011 it was reported that only 48 percent of individuals filing a mortgage application were looking to refinance. That number has risen to 74 percent in 2012.
An increased number of American families are beginning to cash in on refinancing their home in an effort to assist in their cash flow concerns. One couple, who recently refinanced their Florida home, is saving approximately $400 per month on mortgage payments, giving them an opportunity to spend more money on other items. The ability to cut mortgage payments is good news for Florida residents who have long struggled with the sinking housing market and the bank's reluctance to provide them with refinancing options.
Despite the drop in foreclosure actions being filed, the issues surrounding foreclosed upon homes continue to mount in Palm Beach County. For the period of 2008-2010, 81,627 homes were in foreclosure proceedings in the county. In one month alone, 3,240 actions were brought, a number that was eight times higher than most months prior to the housing crash.
In a study recently conducted by CoreLogic Inc., it was found that foreclosure rates have shown a sign of leveling off in the first four months of 2012. This report provides positive news for Florida residents, giving hope that the tide of foreclosed upon homes is finally receding. According to CoreLogic, the number of homes in foreclosure stood at 1.4 million in April, 2012. This figure closely compares to the 1.5 million homes that were being foreclosed upon in April, 2011.