Here's a bit of seemingly good news for the Fort Lauderdale real estate market: foreclosure throughout the county plummeted by more than fifty percent during the month of July when compared to the numbers of 2010. Good news, right? Unfortunately, it's not quite as nice as it may initially seem.
The dramatic drop in Fort Lauderdale real estate foreclosures and beyond is actually a result of the turmoil that's currently happening around the nation, namely loan modification efforts, state level foreclosure prevention and mortgage payment help for those who are currently unemployed. So in reality, the situation still isn't quite as rosy as we'd like it to be.
Of course you could interpret this in an entirely different way: the slow pace means there's a lot more assistance out there if you own a piece of Fort Lauderdale real estate and are having trouble making those mortgage payments. Remember that lenders generally prefer to work out a suitable payment plan with you instead of having to deal with the hassle of a default so it pays to contact them if you're in such a situation.
