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• Feb 26, 2008 12:45 pm US/Eastern
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  Florida Housing Market Continues Collapse

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Florida Housing Market Continues Collapse

Reporting
Al Sunshine
E-mail

The deepening housing market collapse continues to take a toll on Florida. New data shows Florida had more than 30,000 homes on the foreclosure track, which is up about 158% from just one year ago.

RealityTrac, a mortgage research firm that analyzed the data, says the hardest hit area in Florida is the Cape Coral-Fort Myers area. One of every 86 homes is in some stage of foreclosure in that area.

Nationwide, there was an increase of 57% in foreclosure compared to January of 2007. Around 230,000 homes received at least one notice from lenders in January related to overdue payments. Nearly half of those involved were first-time default notices.

The highest foreclosure ranking in nation is the state of California followed by Florida. Other states with nation's highest foreclosures rates ranking were Arizona, Colorado and Massachusetts.

The worsening situation comes despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms, working out long-term repayment plans and other actions.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)