The state of Florida is officially underwater in foreclosures!!! Okay, we have known that Florida is one of the top
five states with the highest foreclosure rate for a while. It just keeps getting worse. Of Florida's over four million mortgages, roughly 26% of those mortgages are in foreclosure. This statistic does not include all of the pre-foreclosure properties that are trying to get a short sale approved and if no short sale then it's on to foreclosure. If it is any consolation, we are no where near as bad off as Nevada where approximately half of the mortgages are in foreclosure. What is the answer to getting people and the economy back on track? I wish I had the answer. Chase announced todayt that they are going to place a 90 moratorium on foreclosures in order to give them time to work with customers and refinance. Geezzzz.....my mortgage is with Chase - can I take 3 months off? There is just a huge incentive today for people to walk away from their mortgage. They think that if everybody else is doing it, why shouldn't they? It may wreck their credit, but it will wreck 26% (to date) of Florida's population too. Almost everyone who purchased a home in the last 5 years is underwater in one way or another. Either it's foreclosure or market value decline.
