A new report issued by Foreclosures.com
shows that Florida leads the Southeast region and ranks second in
the U.S. in the number of foreclosures.
The northern California-based real estate investment advisory firm
and publisher of foreclosure property information notes that to date
this year, Florida has 95,682 foreclosures.
But the Sunshine State isn't alone in foreclosure troubles.
"The foreclosure epidemic stretches throughout the Southeast
and beyond, fueled by soaring living costs, consumer credit woes,
the aftermath of creative mortgages and high energy costs," said
Alexis McGee, president of Foreclosures.com, in a written release.
As of Oct. 31, Foreclosures.com reports nationwide foreclosure filings
are already up 19.6% over all of 2005 -- 766,058 foreclosure filings
for 2006 vs. 640,457 for all of 2005.
"That subprime ARM or interest-only home loan may have been
the perfect solution several years ago, but now that mortgage payment
has adjusted way up," says McGee. "Combine that rate shock
with lax credit practices and the current slowdown in home appreciation
rates and sales, and many homeowners are overextended and stuck without
enough equity to refinance or sell. Foreclosure is their only option."
Foreclosures.com's Southeast region includes data for Alabama, Arkansas,
Florida, Mississippi, Kentucky, Louisiana, Tennessee, Virginia, Georgia,
North and South Carolina, and West Virginia .
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