Florida currently has the nation’s highest inventory of homes in foreclosure. To be more exact 14.4 percent of mortgages in Florida are currently in foreclosure.
In addition, the Mortgage Bankers Association states that nearly one in four mortgages in Florida is either past due or already in foreclosure. There are currently 3.2 million mortgage loans in Florida and about 739,000, or 23.1 percent, are in foreclosure. Another 8.7 percent of properties are at least 30 days behind on payments. Nationally, the delinquency rate is 8.44 percent.
The subprime mortgage market has been blamed for the real estate crash we are currently experiencing. Accordingly, its no surprise that more than 50 percent of the state’s subprime loans are in default.
Although we’ve been able to find pockets of good news in this real estate market, we are still deep in this real estate recession. With Florida being the 4th largest state in the country coupled with the real estate boom we experienced in the mid-2000s, its no surprise that Florida ranks first in the number of homes in foreclosure.
Nevertheless, every cloud has a silver lining. The depressed market has led to low property prices. In turn, this is a great time to purchase property. As we’ve discussed, many, including foreigners, are taking advantage of Miami’s real estate market.
At Alvarez & Barbara, LLP, we represent buyers, sellers, lenders, borrowers, and developers with real estate matters. This experience allows us to understand legal issues from various angles to effectively advocate our clients’ interests. No matter what you or your business’s real estate needs are – think of Alvarez & Barbara, LLP, and contact us for a free consultation.
About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.