Relief in Sight for South Florida Foreclosure Rate

by Isaac Benmergui, Esq on August 8, 2013

inverted house_edited-1Mortgage default rates and foreclosure levels are finally headed back down to normal in several major markets across the country. And in South Florida, the tri-county area of Miami-Dade, Broward and Palm Beach, are seeing a marked decreased in foreclosure rates, according to the Mortgage Bankers’ Association’s quarterly National Delinquency Survey.

Currently the delinquency rate for residential mortgages fell to 6.96%, the lowest level since mid-2008. The delinquency rate includes loans that are at least one month’s payment past due but have not yet moved into the foreclosure area. While 10% of the mortgages in Florida are making their way through the foreclosure process, the rate is lower than the high of 14.5% just two years ago.

Nationally, the percentage of loans with at least one payment past due or in foreclosure decreased to 10.13%, the lowest level in five-years.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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