While most of the states in USA are experiencing, what the experts are identifying as a drop in the foreclosure rate, the state of Florida has been displaying strong trends against this and have been witnessing rising foreclosure rates all over the state. This includes real estate properties from Lincoln road Miami Beach to the more posh and elegant sunset islands Miami Beach.
Last year witnessed a 13 year high in the rates of foreclosures in almost all the states across USA and this trend has taken a turn on its head since august of this year. The foreclosure rates in non-judicial states like California and Arizona are hitting a low after the upsetting foreclosure rate upheaval from last year. On the contrary judicial states like Florida and New York have been experiencing a strong upward trend in the foreclosure rates on properties and luxury real estate in these states.
At the end of the last month, Florida reported its seventh appreciation in foreclosure rates on houses and real estate properties and that too during a period of just 8 months. The foreclosure rates in Florida have shot up nearly 26 percentages from what it used to be and at present, statistically, one out of every 328 houses is up for foreclosure. The numbers of auctions that are scheduled for the foreclosed properties are also up by 4 percentages along with the bank’s repossession rates which have gone up by nearly 12 percentages than what it used to be.
While this can be worrying for many investors and prospective home owners in Miami, the experts in the industry are speculating that this trend will dampen in the coming months and Florida will join the rest of the country in a slumping foreclosure rate than what it has today. This is the only hope that real estate agents and investors have in order to salvage anything from the economy which seems to be on the highway towards another economic depression owing to this problem.
Most experts are of the opinion that Florida’s reluctance in passing laws that brings down the foreclosure rate on housing property is to be blamed behind the strong upward trend that it has been displaying. It has been seen that the other judicial states have implemented these laws in order to curtail the imminent economic harm that might arise out of this trend.