Florida Foreclosure rates continue to increase

According to various reports, Florida foreclosure rates jumped five percent in the 2nd Quarter of 2007. Although many Florida counties, the foreclosure feel punch some countries feel it even more difficult to raise as Lee County, with twenty-eight per cent. On the other hand, Clay County saw a decrease of nine percent compared to first quarter of 2007. Unfortunately the rest of Florida does not have that luck. Other counties, including Broward, PalmBeach and Miami-Dade, have shown increases of six percent, seven percent and thirteen percent respectively.

Some researchers have pointed out that Florida foreclosure rates have been among the highest in the country. These figures, together with a weak home sales creating quite the volatile market environment in the Sunshine State.

The state of the South Florida housing market has sent tremors throughout the world. Speculation about subprime --Loan and the resulting tighter lending practices are certainly hampered the confidence of consumers in the region and the entire nation.

A leading foreclosure listing service, reported nearly 10,000 homes currently in the pre-foreclosure stage in Broward County alone. As Miami-Dade County foreclosures rates are also high with about 3000 homes in the pre-foreclosure stage.

Is there any end in sight? Perhaps, but not in the foreseeable future. Some market soothsayers predict thatthe worse is yet to come. According to the Center for Responsible Lending, more than two million subprime loans reset yet still waiting for higher prices. Florida and other states can still see a rise in foreclosures in the near future. However, with the necessary market corrections and tighter lending practices in the fist phase of implementation will surely neutralize foreclosure rates in the future, at least we hope.

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