With all the good news that has been coming out of the Florida real estate market, there was bound to be some bad news. Unfortunately, this news came in the form of a report conducted by a company that analyses distressed properties across the country. Their findings have shown that for the first six months of 2012, the Florida foreclosure rate has risen 22.54 percent from the same six month period of 2011.
This finding puts Florida distinctly behind the national average. It was reported that, for the same six month period, the 2012 national average of foreclosures decreased by 10.65 percent over 2011 numbers. In total, the national percentage of homes in foreclosure was .79 percent, while the Florida percentage of homes in foreclosure stands at nearly doubled that, at more than 1.5 percent.
Although the news seemed dismal, there was one bright spot for the Florida foreclosure rate. The report noted that in June, Florida saw its foreclosure rate drop 5.67 percent from June of 2011 numbers. This figure gives hope to Florida residents that the housing market may be able to rebound during the second half of 2012.
It can be difficult to follow all the statistics released regarding Florida real estate and foreclosure rates, let alone make sense of them. However, understanding where the market is and where other people are in terms of their mortgages, can be helpful in understanding where the market as a whole is headed. Further, these statistics ensure that people understand that despite the despair they may be feeling as a result of trying to stay on top of their mortgage, there is help available. Alternatives to foreclosure, such as negotiating a short sale or obtaining a loan modification, may be just the right solution to help individuals and families get back on track toward a return to financial stability
Source: The Florida Current, "Florida foreclosures rise in first half of 2012," July 12, 2012