Foreclosures Create Havoc In Florida

May 28th, 2008

As the real estate industry in Florida keep on hiking up with their giant rise in foreclosures, The Irvine, a California-based company, said that Florida had 35,264 properties involved in some kind of foreclosure related issues in April itself. This is also a rise of 16.6% since March and a height of 146% since a year back. The second highest rate of foreclosure rising is the current one, closely following California. The statistics represent that one out of every 242 homes gets foreclosed here. Though a mere 2% of households keep getting foreclosed nationwide, the present rate of foreclosure rising in any state, contribute a great deal to wreck havoc in the overall economy.

James Saccacio of RealtyTrac reports that in the course of this year, areas in California, Florida, Nevada and Arizona, continue to be particularly susceptible to greater hits of the foreclosure crisis. This would in a way multiply the dangers of incurring higher property taxes, eroding the values of existing homes, and putting the entire municipal budgets into a serious pressure. The bloated inventories to the buying and selling of properties have been largely the result of full grown foreclosures in the above mentioned states.

Areas like Vallejo in California had to file for a severe case of bankruptcy with the report of the sixth highest foreclosure rate in the nation. Both Florida and California continue to be on an upswing with their massive rate of increase in their foreclosures, and 9 out of their top 10 metropolitan areas have experienced really high foreclosure rates. The Tampa-St. Petersburg area does not come in the national highest ranking of foreclosed properties. Nonetheless the main Florida metros, as listed are Cape Coral-Fort Myers at No.5, Port St. Lucie-Fort Pierce at No.9 and Fort Lauderdale at No.10.

Foreclosures.com, however, has offered slightly different statistics, reporting that 44,825 households claimed to be under foreclosure in April itself. This is a rise of about 2.4% since March. Also, this claim makes the foreclosure rates higher by 22% since the beginning of the first year. During the first four months of this year, Florida seems to have experienced a filing of 162,316 which is the highest in the nation so far this year. Hillsborough County’s foreclosure count revealed it to be pretty stable between March and April. But, they are again on the rise by 46% since the start of the year. Pinnelas County is again up by 12% since the last month but they are factually revealed to be down by 8.1% since the count at the beginning of the year.