Florida Foreclosure rates continue to increase

Florida Foreclosure News & Information

According to various reports, Florida foreclosure rates jumped five percent in Q2 of 2007. Although many Florida counties are feeling the foreclosure punch some counties are feeling it even harder, such as Lee County, with a twenty-eight percent increase. On the other hand, Clay County saw a decrease of nine percent compared to the first quarter of 2007. Unfortunately, the rest of Florida has not been that fortunate. Other counties including Broward, Palm Beach, and Miami-Dade, have shown increases of six percent, seven percent and thirteen percent respectively.

Some researchers have pointed out that Florida foreclosure rates have been some of the highest in the country. These Florida foreclosure figures combined with sluggish home sales are creating quite the volatile market within the Sunshine State.

The state of the South Florida real estate market has sent tremors throughout the financial world. Speculation over subprime lending and the resulting stricter lending practices are certainly hindering consumer confidence in the area and throughout.
Foreclosure.com, a leading foreclosure listing service, reported that nearly 10,000 homes are currently in the pre-foreclosure stage within Broward County alone. As for Miami-Dade county foreclosures rates are just as high with roughly 3,000 homes in the pre-foreclosure stage.

Is there an end in sight? Of course, but not any time soon. Some market forecasters predict that the worse may be yet to come. According to the Center for Responsible Lending, over two-million subprime loans are still waiting to reset to higher rates. Florida and others states may see yet another surge in foreclosures to come. However, with due market corrections and tighter lending practices in the fist stages of implementation, foreclosure rates will certainly neutralize in the future- at least we hope.

Florida Foreclosure Resources

Foreclosures on rise in St. Lucie County

By Derek Simmonsen Sunday, August 5, 2007

ST. LUCIE COUNTY — The number of mortgage foreclosures filed in the county this summer has skyrocketed, causing those in the legal community to try to find new ways to help those in danger of losing their homes.

Court officials say it's a nationwide trend and there are themes running through many of the cases, such as home buyers taking on adjustable-rate mortgages that now carry higher interest rates and the rise in insurance and property taxes for some residents. Others bought the homes as investment properties, but are now having trouble keeping up with payments.

Of the 550 civil cases filed in circuit court in July, nearly 80 percent were mortgage foreclosures, records show. There were four times as many foreclosures filed in July as there were during the same time period last year and it is likely more than 3,000 will have been filed by year's end.

After it began taking on foreclosure cases earlier this year, Florida Rural Legal Services, a private nonprofit corporation that offers free legal help on housing, employment and civil rights issues, has seen an increase in the number of clients, said Sandra Rodriguez-Hickman, an attorney with the agency's Fort Pierce office. The agency is now working with the Florida Bar to train more attorneys to do pro bono cases involving foreclosure defense, a field not many people are familiar with, she said.

While there aren't always legal remedies available for some homeowners, if they come for help early enough in the process, there is still a chance they can save their homes, Rodriguez-Hickman said. In a few cases, local residents have been able to work out new payment plans with their banks or declare bankruptcy, which can keep them in their homes.

Attorney Jason Halliburton, president of the St. Lucie County Bar Association, said his organization is planning to hold at least two clinics next month that will allow the public to ask questions of legal experts followed by one-on-one sessions with attorneys. The clinics will address foreclosure, but also deal with unfair lending and debt collection, as well as bankruptcy, he said.

Clerk of Court Ed Fry asked the association for its help because clerks are not allowed to give legal advice and his office has been swamped with calls from the public. Fry hired an additional clerk earlier this year to deal with the growing demand and employees have begun working on Saturdays.

"It's a little disheartening actually to see that kind of volume," Fry said. "You hate to see this many foreclosures being filed in the county."

ST. LUCIE COUNTY FORECLOSURES

July 2006: 90

July 2007: 428

January - December 2006: 1,327

January - July 2007: 2,011

Source: St. Lucie Clerk of the Court

HOW TO GET HELP WITH MORTGAGE FORECLOSURE

• Contact Florida Rural Legal Services at (772) 466-4766 for a free, over-the-phone evaluation to see if you qualify for its help. Aid is not based solely on income, but a variety of factors. They cannot help people who are losing investment properties.

• The Florida Bar plans to host free clinics in September that will offer panel discussions with experts and one-on-one counseling sessions. Dates have not been set, but they will be posted on the website.

 

For more information on Florida foreclosure news, please visit our Florida Foreclosure home page.

Article Source http://www.tcpalm.com/news/2007/aug/05/30foreclosures-on-rise-in-st-lucie-county/