The Associated Press reports that US home foreclosures are now at a 6-year low. This is good news for a national trend, but does it reflect Florida’s market?

Foreclosures are decreasing as the national housing market begins to stabilize, but Florida’s market lags a bit behind. Part of this is due to the unique nature of Florida’s housing bubble that inflated prices from 2004 to 2008. A prime market for investors and short-term residents, Florida’s market was flooded with new buyers who dropped properties during the recession. This makes it harder for homeowners to find a way out of the market’s downturn even today. The AP reports that 80 percent of Florida’s current foreclosures date back to sales made during those housing bubble years. Florida had the highest foreclosure rate in July 2013 according to RealtyTrac, even up to three times the national average.

So while you may hear promising news about the nation’s economic recovery, keep in mind that Florida homeowners face a unique set of challenges on the road to economic recovery. In addition to our higher foreclosure rate and slower housing market stabilization, Florida law allows for lenders to collect on home loan deficiencies for up to twenty years. Lenders are even able to garnish Florida homeowner wages. As you face a foreclosure, it’s imperative that you close the process with the most favorable terms possible in order to achieve an economic recovery for your family.

Protect yourself during the foreclosure process by calling Yardley Law, your Melbourne, FL lawyer. We can represent you and help fight for the best terms in your foreclosure process.