Deep south, parts of Florida, close to the Swaunee River,
Florida’s real estate market woes can be tied, in part, to the meltdown in the prime mortgage industry. Have you heard this before?
During the boom years, and some say it was about 3 this time, subprime mortgages and exotic loans fueled a buying spree and enabled consumers to stretch their budgets and buy homes they ordinarily couldn’t afford. The terms of many of those loans adjusted, bumping up payments beyond what many homeowners can afford.
Foreclosure filings skyrocketed, turning some subdivisions into ghost towns. Some mentions are at Bankrate.com
Florida’s foreclosure rate rose to the second highest in the nation in September. The number of foreclosure filings in Hillsborough, Pasco and Pinellas counties have increased more than 100 percent since last year.
Florida foreclosure list here.
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