Florida Foreclosures Take an Average of 2 Years

If you are one of the many South Florida homeowners who have recently foreclosed on your home, you are likely still living in that home without making mortgage payments.

In Florida, it takes an average of 2 years to evict a homeowner from their foreclosed property. Nationally, the average is 565 days. This has resulted in many homeowners taking advantage of virtually free housing, not paying their mortgage for several years and still residing in the property.

About 4,200,000 foreclosure cases are currently underway. According to CNN Money, two thirds of these homeowners have not made a mortgage payment for at least one year, with one third stating they have not paid a penny in over 2 years.

South Florida Home Values Drop From 2009

South Florida home values dropped further than 25 other metropolitan areas in Q2 of this year, falling 15% since 2009

Median home values in Miami-Dade, Broward and Palm Beach County are now priced at $146,500, down 7% from the beginning of 2010 and 52% from 2006's peak values.

With real estate values still on the decline, it comes as no surprise that 44% of South Florida homeowners' mortgages are "underwater," meaning they owe more on their loan than the house is currently worth.