Home prices rose significantly during 2013
According to a home price index, home prices including distressed sales increased nationwide by 11 percent from December 2012 until December 2013. During that same period (and excluding distressed sales), Florida home prices increased by 11.5 percent, which was the fifth highest in the nation.
The 11 percent increase was the highest rate seen since 2005. These increases were seen in almost every statistical area. It’s important to note that these increases were at an all-time high for 10 separate states. While this will likely unlock a pent-up supply due to the attraction of sellers, prices are likely to moderate during 2014.
It is hoped that the home price gains in 2013 will help provide for a continuing recovery for the housing sector throughout 2014. This also bodes well for a lasting recovery in single family residential housing across the nation.
Hopefully with a stronger market better real estate solutions will be available for those underwater on their mortgage. There are already a number of laws in place to assist individuals under these circumstances.
Foreclosure defense attorneys can provide such individuals with a number of legal options. These attorneys can negotiate with banks and other lending institutions and such negotiations can often work to the advantage of both the homeowner and the bank. Attorneys may also be familiar with a number of programs that provide incentives for loan modifications to take place. This can involve loan modifications or a number of other legal defenses. Forbearance agreements can also be obtained that will allow for a foreclosure to be delayed.
Contact an experienced Miami Foreclosure Defense Lawyer for more information about the rise of home prices and foreclosure at the Law Offices of Daryl L. Jones, P.A.
Source: National Mortgage Professional, “CoreLogic: Annual Home Price Growth Strongest Since 2005,” Feb. 4, 2014