Miami Foreclosure Defense Lawyers Continue to See a Steady Increase in the Number of “Underwater” Homes

suburb.jpgAccording to Bloomberg news, more than 28% of all U.S. homeowners with mortgages owed more than their properties were worth in the first quarter as real estate values continued to fall.

Part of the reason for the rise in “underwater” homes is the continued steady decrease in real estate values. Home prices fell 3% in the first quarter. Moreover, many are predicting that home prices will drop as much as 9% this year as foreclosures spread and unemployment continues to remain high.

Additionally, homeowners with negative equity increased from 22% a year earlier as home prices decreased 8.2% over the past 12 months. About 27% of homes with mortgages were “underwater.”

Today’s current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. There are many factors contributing to Florida’s nation leading delinquency rates. They include a weak job market, weak economic recovery, and a major drop in home prices. Consequently, Florida’s housing market remains unsettled in large part due to the continued foreclosure crises.

Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.