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Florida: The Second Highest Number Of Foreclosures In The Nation
The Florida foreclosures inventory certainly isn't getting any smaller, as new statistics released by ForeclosureConnections.com recently showed that the state registered the second highest number of foreclosures in the nation during the month of January.
These statistics are keeping with the predictions of many housing market experts, as Florida's surplus of real estate is steadily dragging down property values. Due to widespread development and incredible investment buzz brought on by the low interest rates of the recent housing boom, many properties in Florida were grossly inflated in value, and investors and homebuyers alike took out extremely expensive mortgages. Now, almost half a decade later, a vast surplus of newly built properties and a market that is barely moving have led to steep declines in home values. Owners who cannot keep up with their soaring monthly payments in this case are stuck, and often times have no other option but foreclosure, as they cannot sell their properties for anywhere near what they owe on their mortgage.
This has led to Florida becoming one of the hottest markets for foreclosure investors in the country. From January of 2007 to January of 2008, Florida has experienced a 160% hike in the amount of foreclosures ... more

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