According to various reports, Florida foreclosure rates jumped five percent in Q2 of 2007. Although many Florida counties are feeling the foreclosure punch some counties are feeling it even harder, such as Lee County, with a twenty-eight percent increase. On the other hand, Clay County saw a decrease of nine percent compared to the first quarter of 2007. Unfortunately, the rest of Florida has not been that fortunate. Other counties including Broward, Palm Beach, 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 some of the highest in the country. These figures combined with sluggish home sales are creating quite the volatile market within the Sunshine State.
The state of the South Florida real estate market has sent tremors throughout the financial world. Speculation over subprime lending and the resulting stricter lending practices are certainly hindering consumer confidence in the area and throughout the nation.
A leading foreclosure listing service, reported nearly 10,000 homes currently in the pre-foreclosure stage within Broward County alone. As for Miami-Dade county foreclosures rates are just as high with roughly 3,000 homes in the pre-foreclosure stage.
Is there an end in sight? Perhaps, but not any time soon. Some market forecasters predict that the worse may be yet to come. According to the Center for Responsible Lending, over two-million subprime loans are still waiting to reset to higher rates. Florida and others states may see yet another surge in foreclosures in the near future. However, with due market corrections and tighter lending practices in the fist stages of implementation, foreclosure rates will certainly neutralize in the future- at least we hope.
