Foreclosures Kept Rising in Florida

October 31st, 2008

The number of foreclosures in Florida kept on rising in the month of September. There were massive loss of employment and decrease in the value of real estate property. The adjustable mortgage payments made nearly 50,000 new homeowners defaulters. After Nevada, Florida ranked second in its number of foreclosure filings. One out of every 178 homes was sent a foreclosure notice from the lender. The number of new foreclosure filing statewide was 44 percent up during the same month in 2007 and 9 percent up from August of 2007. A 137 percent increase has been noticed in Nevada throughout the month of September in 2007 with one out of every 82 households facing a foreclosure notice.

The third rank holder has been California whereby a state law has been introduced according to which the lender needs to send a 30 days prior notice to the borrower before the proceeding of foreclosure begins. There have been a total of 70,000 new filings in September which denotes a 32 percent surge from the figure a year back. Orlando and Fort Lauderdale is among those 10 cities whose conditions have been worse due to foreclosure. Fort Lauderdale owns the fifth position whereby nearly 2.3 percent of the residential real estate properties got a foreclosure notice. About 1.87 percent units in Orlando received a notice.

Among these 10 worse affected cities, six were from California and two were from Las Vegas and Phoenix. There has been 21 percent increase in the number of foreclosures nationally over September of 2007. A large number of homeowners are facing a big trouble in making their payments due to strict lending standards and declining prices of homes. They are left with only a few options. In a bid to buy homes fast, they took mortgage and are unable to repay now. There are many who are unable to find buyers for their property. Even it has got difficult for them to refinance their loans.

There will be bargains for those who qualify for loans or have with them cash for investing. This is especially true for devastated real estate markets of California, Nevada, and Florida. Many of the real estate experts are of the opinion that the number of bank owned properties are going to go further up by the end of this year in the US. Something has to be done sooner to fight with this serious problem.