Jan 29, 2008 6:45 pm US/Eastern
Florida 2nd In Nation For Foreclosures In 2007
LOS ANGELES (CBS4) ―
A dubious double honor for the Sunshine State in 2007; not only did Florida post the second highest number of foreclosure filings in the nation; it also had the second highest foreclosure rate in the U.S.
According to real estate tracking company RealtyTrac a total of 279, 325 foreclosures were filed in 2007 on Florida properties, which was more than twice the number of foreclosure filings in the state in 2006. RealtyTrac also reports that more than 2 percent of Florida households entered some stage of foreclosure during the year.
Nationwide, more than 2.2 million foreclosure filings were reported on nearly 1.3 million properties last year, a 75 percent jump from the year before.
Overall, the number of U.S. homes in some stage of foreclosure last year jumped 79 percent from 2006.
Nevada led the nation in foreclosures, followed by Florida and Michigan.
Realty experts predict a late-year surge in the number of properties reporting foreclosure filings may suggest that many are in the initial stages of the process and could end up lost to foreclosure this year unless lenders or the government steps in.
Nearly two million subprime mortgages are scheduled to reset to higher interest rates this year and next.
The U.S. Department of Housing and Urban Development offers a wealth of information for homeowners who wish to avoid foreclosure.
Freddie Mac and the
Bush Administration also provide useful information to homeowners who feel like they may be in over their financial heads.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
