What should rise concern, however, is the amount of the monthly increase, which is more than double the average 5 percent of the past five Octobers.
Miami, FL (PRWEB) December 04, 2015
The U.S Foreclosure Market Report for the month of October shows foreclosure filings for 115,134 homes — an increase of 6 percent from the previous month, but still down 6 percent from a year ago. Florida’s total has jumped 8 percent this month, but it is still down 23 percent from October 2014.
The 6 percent monthly increase in foreclosure activity was caused by a 12 percent monthly increase in foreclosure starts, with 48,605 properties starting the foreclosure process for the first time in October. The October monthly increase was the largest month-over-month increase since August 2011, when there was a 24 percent increase.
“Since 2011, foreclosure rates have increased during the month of October, so this should not come as a shock. What should rise concern, however, is the amount of the monthly increase, which is more than double the average 5 percent of the past five Octobers," says foreclosure attorney of Miami-Dade, Graham Legal.
New foreclosures increased from the previous month in 34 states, including California (21%), Florida (13%), New Jersey (15%), Illinois (20%), Maryland (300%), Washington (34%), and Michigan (37%). The report also shows a total of 36,582 properties repossessed by lenders in October, which is down 9% from September but up 31% from a year ago.
“A cause for the high jump this year could be from long-term mortgage delinquencies finally making it to the court system,” says Graham. “Other explanations to take into consideration are states facing more economical distress.”
Although the housing market is still somewhat unpredictable, there have been signs of recovery this year. The foreclosure filings in South Florida fell 30 percent over the last year, the biggest improvement in the country. During the month of October, one in 480 homes were in some state of foreclosure in the counties of Miami-Dade, Broward and Palm Beach. That is 24 percent lower than the stats during the same time last year, which indicates a strengthening housing economy.
About Graham Legal, P.A.:
Graham Legal, P.A. has spent the last eight years protecting the rights of homeowners who have been wronged by mortgage lenders that refuse to provide borrowers with viable solutions.
Graham Legal, P.A. exclusively dedicates its law practice to foreclosure and personal injury cases. For those looking to schedule a complimentary no-obligation consultation, please visit the website at http://grahamlegalpa.com.
The information contained in this press release is for information purposes only, and should not be taken as legal advice.