In recent times, the Coronavirus epidemic has made the real estate market in many parts of the country a big burden for purchasers. Home prices have skyrocketed as a result of little inventory and great demand, and price wars have become the new reality. Many people who are unable to meet their basic needs have fallen behind on their mortgage payments, placing their houses in danger of foreclosure.
If you’re thinking of buying a house in 2022, you’re undoubtedly experiencing a combination of emotions: excitement at the prospect of relocating to a new location, mingled with worry at the prospect of navigating the volatile property market. The attorneys at Serrano Farah Law LP have a thorough grasp of state and federal foreclosure laws. We are familiar with all aspects of foreclosure concerns and can assist any type of client in achieving the best results. In the following post, our experts at Serrano Farah Law LP discuss the Florida foreclosure predictions in 2022.
How Will Future Foreclosures Affect the Housing Market in 2022?
The scale of the upcoming foreclosure rise may have a cause and effect on the Florida home market. This will be determined by how lenders handle troubled borrowers who have fallen behind on their payments.
According to a recent study from ATTOM Solutions, after the moratorium was removed in July 2021, foreclosure activity has increased. According to the research, default notices, bank repossessions, and planned auctions increased by 34% in the third quarter of this year. Following an 18-month foreclosure moratorium, means that the upswing will most certainly continue through 2022.
Foreclosure statistics are quite likely to climb over the next six months to a year, with the increase ranging from a tick to a torrent according to Todd Teta, chief product officer at ATTOM Solutions. According to Teta, foreclosures would most likely occur first in impoverished communities, where homeowners are more likely to be in financial hardship and have less money to negotiate with lenders.
Florida was one of the states with the highest foreclosure rates in Q3, with one out of every 2,000 residences in foreclosure. During the third quarter of 2021, Florida experienced a high rate of completed foreclosures, providing tremendous prospects for investors in 2022. More foreclosures may improve inventory, but not when compared to the demand that is maintaining property prices in the state at record highs.
Make sure to contact our Florida foreclosure attorney.
Our foreclosure practice at Serrano Farah Law LP has a lot of experience dealing with defenses and counterclaims that might come up in foreclosure cases. We also represent our clients in bankruptcy courts across Florida, in all federal districts.
Our Florida foreclosure lawyers handle a wide range of real estate litigation, including title curative actions, reformations, quiet title proceedings, lien priority disputes, easement and right-of-way conflicts, and the settlement of mobile home difficulties, in addition to foreclosures. We deal with title insurance companies regularly to resolve complex title issues for covered property owners or lenders.
