From a housing perspective, are we out of the woods yet?
Given the longstanding mantra that location means everything in the realm of residential property, the word "we" is a relative term.
That means this: Although the long claw back following the national housing collapse that roared to life in the initial innings of the so-called Great Recession that commenced some years back has brought confirmed market stability in some areas, other regions continue to suffer persistent woes regarding property valuations.
And, even more specifically, foreclosure activity.
Foreclosure in South Florida is of course anything but an esoteric and academic concept, with communities large and small across the region being plagued by a comparatively high foreclosure rate.
And the troubles facing many distressed homeowners persist. According to the national real estate information company RealtyTrac, the tri-county area comprising Miami-Dade, Broward and Palm Beach counties ranked third nationally last month for the number of new foreclosure filings.
In fact, one of approximately every 339 South Florida homes was reportedly in the foreclosure process in July. RealtyTrac states that the tri-county foreclosure rate was exceeded nationally last month in only one New Jersey metro area and in Jacksonville, respectively.
So, hard times persist for many homeowners, a reality that is easily understood given the perfect storm of adverse factors that have threatened the financial stability of many individuals and families in recent years. Many people have lost their jobs or are currently underemployed. Student loan exactions are cumbersome for many consumers. Medical bills can be onerously high, as is similarly the case with credit card repayments. All these things can individually or collectively contribute to housing-related difficulties.
Many people do not fully realize the spectrum of potentially available remedies available to them for purposefully dealing with unmanageable -- and, often, seemingly insuperable -- debt levels. Persons with questions or concerns regarding foreclosure or other money-related matters might reasonably want to consult with a proven debt-relief attorney to discuss options and a fresh financial start.