Banks Resume Foreclosure Efforts on Palm Beach Homes
Banks Resume Foreclosure Efforts on Palm Beach Homes
Many home owners in South Florida are worried about receiving a foreclosure notice as banks ramp up efforts to go after home owners with delinquent mortgage payments. As a result, financial experts say that there has been a sharp increase in bankruptcy filings throughout Palm Beach County.
According to recent records released by the U.S. Bankruptcy Court in Miami, foreclosure filings increased by nearly 19% in just one month in Broward, Palm Beach and Miami-Dade Counties, and there were more filings in October than August. However, the overall rate of bankruptcy filings is down, which means that the local economy is making strides toward recovery from the recession.
The increase of foreclosure notices going out to local families has prompted the wave of bankruptcy filings, which has contributed to an influx of distressed properties on the market that may continue if lenders keep taking aggressive measures to recoup money lost in deals with home owners who are delinquent on their payments.
Earlier this year, banks were accused of deceptive practices when it came to pursuing foreclosures, so there was a brief period of relief for home owners who thought that foreclosure was imminent. However, that's starting to change now that the banks have had time to recover from litigation.
Although many Florida home owners hit hardest by the wave of foreclosures are middle-class working families, some of the more affluent Palm Beach County residents are feeling the effects as well. Some of the top wage earners have been hit by the economy, coupled with impending tax hikes, and are cutting back on spending since they don't see how it will be feasible to maintain their standard of living.
As the economy continues to improve, real estate experts predict that home owners may be able to opt for Palm Beach short sales or negotiate settlements with lending companies instead of having to foreclose on their properties. The economy plays a vital role in the overall well-being of the housing market, and lenders may be more likely to allow home owners to retain ownership of their properties now that home values are up and the housing market is starting to stabilize.
If you'd like help with finding your future Palm Beach home, please don't hesitate to contact us. We'd love to help you get to know the Palm Beach housing market and surrounding communities so that you can find a home in an area that best suits your needs.
[cc_author style="double" author="grant"]
image courtesy of iStockPhoto.com