Apr 4, 2013
Pending Foreclosures Presents Risk to Florida Housing Recovery
Florida housing recovery continues to pick up steam as consumers confidence in the economy grows. According to major home price indexes, prices have increased about 9 percent over the past 6 months. Combined with the reduction of downward pressure on home values due to declining REOs and Foreclosure inventories, the prospects for continued price increase is encouraging. However, there could still be some stormy winds ahead.
Florida, one of the hardest hit states during the housing crisis still has a backlog of over 377,000 old foreclosure filings in the state federal courts thru 2012. There are also reports, that one in every five mortgages in the state of Florida is in some form of delinquency. Should the recent settlement between the Federal Reserve/Comptroller and mortgage servicers ending the robo-signing scandal increase the pace of foreclosures over the next 12 months, there could be a cool off in Florida home prices.
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