Florida Foreclosures

The state of Florida is a retirement area with a lot of sand, sun beaches and Walt Disney World and golf courses everywhere. It is also the state with one of the highest foreclosure rates in the country.

Part of the reason behind this is that most people that live there are retired and on a fixed income living on retirement plans that is shrinking steadily with the economy. Top that off with the fact that a large amount of these people have put second and third mortgages on the homes for improvements or to cover the medical bills that come with age and you can easily see how quickly people get into and upside down state with the mortgage.

Be that as it may, the state of Florida has a huge number of foreclosed properties ranging from nice villas near Walt Disney or Sea World to beach front Condos and fairway facing resorts.

Most every type of unit imaginable from Mobile and manufactured homes to multi level mansions on the ocean seems to have fallen into foreclosure and are waiting to be rescued. And judging from the forecasts that are being made, Florida is far from seeing the end of the hole.

People here have over extended themselves and the property they own and now are watching that property end up on the chopping block as the banks recall the loans and the houses go into a foreclosure state.

Florida foreclosures are going to continue to slam towards the bottom of the pile and are expected to crash at the present level somewhere in the next two years before it starts it’s slow climb to the positive.

There is a chance that the state of Florida is going to have a tougher time recovering than a lot of other states due to the fact that the retirees have no means of income and until the pensions and 401 K plans rebound and recover, income will be low.

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