Foreclosures in the Year 2010
The year 2010 was a big one when it comes to foreclosures. For the first time ever, this nation experienced the seizure of more than 1 million homes, 1.05 million to be exact, according to RealtyTrac. The previous record had been set in 2009 at 918,000 homes.
The year 2010 was so bad that had it not been for the last quarter of the year experiencing a drop, there would have been significantly more. Those who reside in Miami and throughout the state of Florida are no strangers to this tragedy.
In fact, the highest foreclosure rates at the time were in the states of:
- Arizona; and
Florida foreclosure was so bad that it was 1 of 5 states that made up more than half of all the foreclosure activity.
Foreclosures in the Year 2012
Despite how bad 2010 was, and the drastic slowdown in foreclosures in 2011, it is expected that 2012 may be an even bigger year when it comes to losing a home. It is an unfortunate reality that must be faced and dealt with.
One of the reasons for the slowdown in 2011 is because of delays in the processing of foreclosures, not necessarily because the housing market suddenly boomed. Many of these delays stem from a controversial practice called robo-signing.
Robo-signing is when the bank doesn’t verify important information in affidavits or documents. Yet the bank proceeds with signing all of the papers anyway. This has caused investigations to be launched regarding bank procedures, which in turn has slowed down the foreclosure process. Now the foreclosure activity that should have happened in 2011 is only being pushed over to 2012.
At this point it is difficult to say for sure how bad it can get, but it may be worse than what this nation witnessed in 2010. Only time will tell.
Foreclosures in Florida
With Florida being ranked near the top to face foreclosures, it can leave many residents worried about their future. In fact, South Florida continues to rank third when it comes to mortgage activity being suspicious. This could put thousands of Floridians at serious risk.
Specifically, Miami-Dade, Palm Beach and Broward Counties rank at the top regarding suspicious foreclosure activity and total volume. This could have a huge impact on the entire state of Florida.
With the shaky market, concerns about suspicious practices and the continuing economic struggles, it may leave you wondering if there are any options available if you are facing the loss of your home. If you have been the victim of unfair bank practices, you may be entitled to stop your foreclosure.