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Wednesday, September 26, 2007

Florida Foreclosures Up 36% Percent in August

Florida foreclosures more then doubled in August of 2006 jumping 36% from July. Which means it’s been increasingly harder for homeowners to make timely their mortgage payments or sell their homes in the midst of a national housing slump.

In August there was a total of 243,947 foreclosure filings reported, which was a 115% increase from the 113,300 reported a year ago and a 36% increase from 179,599 reported in July of his year.

Default notices, auction sale notices and bank repossessions were included in the foreclosure statistics. If an owner of a property has more than one mortgage than it quite possible that they would receive more than one foreclosure notice.  

These recent Florida foreclosure statistics represents the highest number of foreclosure filings reported in a single month in two years ago. The average foreclosure rate last month was one filing for every 510 households.

As a large number of subprime adjustable rate loans are beginning to reorganize we are more likely to see an increase in foreclosure activity.

The mortgage industry has been rocked by a surge in defaults, particularly among borrowers with subprime loans and adjustable rate mortgages that initially had attractive ``teaser'' interest rates but then can adjust upward, resulting in a payment shock.

In 2005 and 2006, during the height of the housing boom, many of the loans were issued, which adjust in as little as two years.

Homeowners are also unable to make their mortgage payments and are hard-pressed to find buyers because of lagging home sales and decreasing home prices.

The number of bank repossessions increased 115% from 42,789 in August, compared to 20,116 a year ago. There were 26,842 bank repossessions in July, 2007.

Last month, Nevada, California and Florida had the highest foreclosure rates in the country.

In Nevada the foreclosure rate was one filing for every 165 households which was more than three times the national average.

California reported 57,875 filings last month for a rate of one filing for every 224 households. This was the most reported foreclosure filings of any single state

Florida reported 33,932 filings in August; A rate of one filing for every 243 households. This was a 77% increase from July's total and more than twice that from a year ago.

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