The rise in Florida Foreclosures
They were on the rise and they are still on the rise. Not too long ago, the Florida’s real estate market was considered red hot, but today it stands as a state with the highest number of delinquencies in the country. Statistics show that in February, 2007 the number of bank foreclosures in Florida was 19,144 which are almost double of what it was a year back and a sharp increase of 63.5% as compared to January 2006. The irony is that in Feb 07, the rate of foreclosures fell sharply in most of the states except in the Sunshine State.
Last year, till Feb 19,144 properties were reported to be foreclosures by state and the foreclosure rate was one per 382 homes. Leading the foreclosure list was not the only distinction that the Sunshine State had; it apparently was also at the top of the mortgage fraud list. In 2007, Florida saw a whopping 46,700 mortgage frauds as reported in FBI and this is a jump of 30% from 2006. $1 billion was reported in losses in Florida due to the mortgage fraud last year.
The state of Florida has always attracted people from all across the US as well as the world for some of its finest beaches, great condos and perfect weather. But the Florida of today is far from that. One of the bothering attributes of the spate of foreclosure homes is that the existing homeowners are reeling under the aftereffects of foreclosures. How? Well! If your neighbor’s home was foreclosed then it will mean that when you try to sell your home or re-finance it, your good credit rating will have no value whatsoever and you will meet a lot of resistance.
More Resources:
- Foreclosure Houses
- Foreclosure Homes in NC
- New York Forclosure
- Miami Foreclosures
- Foreclosure Homes in Maryland
- Illinois Foreclosure Homes
