90,000 more homes went into foreclosure in the 3rd quarter in Florida, totalling 261,027 homes, reported the Mortgage Bankers Assn. Florida's rate was the highest in the nation, topping even Nevada's at 5.58%, at 1 out of every 6 homes.
For job loss, Florida also has the highest rate in the country, 156,000 so far this year. Obviously unemployment will have a major impact not yet felt throughout the entire loan industry. 9.11%, up from 7.86 percent the previous quarter, of all mortgage loans in Florida are 30 days or more past due.
Reported by the Florida Assn. of Realtors, "Foreclosure figures over the past two years show the dramatic crash of Florida's housing market. In the third quarter of 2006, the total percent of Florida homes in foreclosure was 0.6 percent. It rose to 2.19 percent in 2007. It's now 7.32 percent, the highest in the country. The figure does not include homes that have already been repossessed by lenders through the courts."
One last sobering statistic - Florida borrowers who fall behind on their payments by 30 days are more than twice as likely to enter foreclosure than borrowers in the rest of the country.
We all hope Pres-elect Obama can come to grips with the downward economic spiral sooner rather than later. But someone always profits from every real estate downturn. Think of it this way - there are great buys available for investors, and owner-occupants too. Financing is available. If our mortgage market is the worst in the country, then deals for buyers are the best.
Contact me to discuss your options and the diversity of possibilities in our Buyers Market.
Sherry Armstrong, REALTOR
sherry@sherryarmstrong.com
386-679-3191
sherry@sherryarmstrong.com
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