Once upon a time the Florida real estate market lead the nation. Today Florida foreclosure homes are carrying the baton. According to reports released in March 2007 Florida foreclosure homes had risen to a much higher notch than February.. In February there were about 19,144 Florida foreclosure homes – something unbelievable for this prosperous state From January Florida foreclosure homes had risen by 63.5% – double the number recorded in 2006. In February 2007 the figures for US as a whole were 130,786 filings with a ratio of 1:884 houses. In the Sunshine State the ratio was 1:382. Since February 2006 the percentage of increase in Florida foreclosure homes was by 91.08%.
In August the report was that in Polk County of Florida about 4,000 foreclosures were to be listed. Taking Polk County as an example predictions are that the number of Florida foreclosure homes will continue at the same pace till 2009.
Reports rolling in about the picture of Florida foreclosure homes in October show that about 30,000 houses are in foreclosures. The number of Florida foreclosure homes had risen by 165% since October of 2006. But it was less than 9.5% from what the number of Florida foreclosure homes was in September 2007. The number of Florida foreclosure homes number made the state rank second highest after California in the all USA foreclosure race. In October the ratio in Florida is 1:273 houses. In the country there are 224,000 foreclosure listings with a ratio of 1:555. Since last year the foreclosure numbers rose in USA by 94% and by 2% from September 2007.
Although the numbers of Florida foreclosure homes continue to be gloomy somewhere there is a silver lining shining behind the clouds. The number of Florida foreclosure homes peaked in August. Now it seems to be leveling off. Defaults are down by 9% indicating that noises made by lenders and the government is having some impact – however feeble.
Florida foreclosure homes are being felled by the sub-prime crisis as elsewhere in the country. It started with predatory lending that roped in two types of borrowers – those who bought houses with the mortgage to make it into homes and those who bought houses for purposes of investment and speculation. The main concern of social bodies and the authority is for Florida foreclosure homes that are being shut down and abandoned to the elements and criminals.
