The state of the American economy and the financial state of its citizens continues to be a topic that is ever present in the news. While media outlets seem to be reporting a gradual improvement in the U.S. economy, many individuals are still feeling the financial strain of the recession in significant ways, from credit card and to student loan debt to wage garnishment and car loans and everything in between. For many, the hardship is felt most noticeably and pressingly in their home loans and monthly mortgage payments.
According to an article recently published by the Miami Herald, the state of Florida maintained its ranking as the number one state for foreclosure activity in the month of November. RealtyTrac, a data firm out of Irvine, California, reported on the statistics. For purposes of the study, the term foreclosure activity includes default notices, scheduled auctions and lender repossessions.
Regardless of the seemingly despondent ranking, the state of Florida as a whole actually experienced a decline in foreclosure activity by twenty three percent as compared to the number of households experiencing foreclosure activity in November last year.
In Florida, the city of Miami placed first in the state out of the larger metropolitan areas. More specifically, one out of every 244 homes in the Miami-Dade area and one out of every 400 homes in Broward received some version of a foreclosure filing during the month of November in 2013, as reported by RealtyTrac. These numbers reflect the overall trend in Florida of the decline in foreclosure activity as compared to the same month last year. In Miami-Dade, the November 2013 numbers mark a 17.7 percent reduction in foreclosure activity as compared to November 2012, and in Broward, the statistics as reported in 2013 are a 16.3 reduction from those reported in the same month in 2012.
These numbers indicate that while the economy may in fact be improving, and many people may be experiencing some relief from financial hardship, there is still a significant portion of citizens in the state of Florida, and surely across the country, who continue to struggle with debt. Facing the possibility of foreclosure is a particularly stressful position for homeowners to be in, as there is a very real chance the individual may lose their home if their financial situation does not improve or if some alternative action is not taken. The same extreme consequences are not generally associated with other types of debt.
If you continue to struggle with debt or are experiencing foreclosure activity, you are not alone. There are solutions and alternatives available to take advantage of in order to avoid losing your home and other assets. If you have not considered or are unfamiliar with bankruptcy, contacting an attorney is a good idea. An experienced Florida bankruptcy attorney can discuss your financial situation with you and provide you with helpful advice as it applies to your case. If you are looking for options in debt relief, let us put your mind at ease. Contact the attorneys at Hoffman, Larin & Agnetti, P.A. to schedule a consultation today.