Foreclosure Crisis Far From Over In Florida
October 18, 2009 by admin
Nearly one in four home loans in Florida are delinquent — the highest rate in the nation. And thanks to the recession, another wave has begun.
BY CAMMY CLARK
If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality:
There’s a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.
Now, double-digit unemployment, sagging home prices and a lingering recession are to blame.
“The second tsunami of foreclosures is coming,” said Miami Beach-based John Tur, who teaches people how to invest in real estate.
The numbers already are staggering.
During the second quarter of the year, nearly one in four Florida home loans were past due or in foreclosure, making Florida the most delinquent state in the nation, according to the Mortgage Bankers Association.
http://www.miamiherald.com/1382/story/1288053.html
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