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Miami Foreclosures Stem from Multiple Factors

The Florida Realtors recently released a report revealing that those that fell into foreclosure typically had one more reason other than a job loss or bad loan.

“Contrary to what some researchers have argued, many Florida homeowners were not driven into foreclosure by simply being trapped in bad loans, or losing their jobs or taking pay cuts,” said Joel Searby of Strategic Guidance Systems. “What we found in talking with people who’ve gone through foreclosure is that there’s a `plus one’ factor,’ ” meaning job loss coupled with other circumstances such as divorce or health problems usually led to homeowner distress.

Not surprisingly, the study also revealed the far reach of the foreclosure epidemic in that foreclosures have impacted homeowners across a broad range of incomes and demographic backgrounds. After researching many of the markets with the highest rates of foreclosures, including Miami, from March 2006 through February 2009, the report made the following findings:

• More than 20 percent of homeowners who were foreclosed upon had household incomes ranging from $50,000 to $75,000. Another 20 percent had incomes in excess of $100,000.

• One in four Floridians facing foreclosure were college grads. Another 30 percent had at least some college education.

• Ninety-two percent of foreclosed-upon Floridians were married homeowners, and 8 percent were single. Nearly two-thirds of Florida foreclosure cases involved families with children.

• Thirty-five percent of those in foreclosure had lived in their homes for 10 years or more. More than 40 percent had lived in the homes fewer than 5 years.

If you or someone you know is facing foreclosure, please contact our office today to schedule an appointment so that we may assist you in addressing your foreclosure related concerns. You can reach us at 305-263-7700.