Monday, January 19, 2015

Foreclosures are back to normal

Since the burst of the real estate bubble with all its impacts on the housing market, Florida is back on its normal pace. However, Florida is still at the top of all states with its foreclosure numbers. The numbers are on the lowest level since 2006 and only 2.3 % of homes that have a mortgage are in default. This is great news after the horrific years.

However, there are still 4 Florida cities at the top list of foreclosure numbers. One is close to home: Miami and the other three are in the middle region: Tampa, Orlando and Melbourne-Titusville.

Florida is still on the top when it comes to the time period of the foreclosure proceedings. It takes the banks nearly 2 ½ year to take passion of a financed property. That is bad for the banks but good for home owner because they normally stay in their home.

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