22% of Florida Mortgages are non-current or in Foreclosure.

[Neubarth]

22 Percent of Florida Mortgages Non-Current

A staggering 22 percent of all mortgages in the state of Florida are non-current, according to a new report from Lender Processing Services.

By non-current, they mean loans that are either delinquent or in some stage of foreclosure; perhaps more troubling is the fact that 10.4 percent of home loans in Florida are in foreclosure.

The LPS October Mortgage Monitor also revealed that the nation’s foreclosure rate was 3.12 percent as of September 30, up 2.6 percent from a month earlier and 88.9 percent year-over-year.

And remember that’s with all the government intervention, foreclosure moratoria, loan modifications, and the like; the national mortgage delinquency rate was 9.37 percent as of September 30.

The report also highlights the large shadow inventory of foreclosed properties that could wreak havoc on home prices and a possible housing recovery.

“The number of loans deteriorating further into delinquent status is now more than twice the number of foreclosure starts, indicating another major wave of troubled loans in an already clogged loan pipeline,” the company said.

“Nearly one-third of foreclosures remain in pre-sale status after 12 months – twice as many as the year prior. The six-month average deterioration ratio has risen the past two months to 300 percent, showing that for every loan that improves in status, three more deteriorate further.”

 

[Andrew2382]

economy is doing great tho

 

[Zona]

I wonder how many of those mortgage problems are due to health related issues.

How many people had to give up their homes because they had to pay insane medical bills?

What a horrible position to be put in. Just sad.

 

[Ravi]

Thank you Jeb Bush!
Thank you George W. Bush!

The Bush brothers...way to screw Florida!

 

[Toro]

That's why there are some unbelievable deals in Florida.

 

[dilloduck]

Health-related problems? While that can sometimes be considered a "cause" for a borrower defaulting, I would argue that it's not the cause at all, but a symptom of a larger problem: people living on the financial edge with no savings or safety net.

If you have health insurance (and don't tell me "not everyone can afford health insurance," because I only pay $75/month for mine), and if you have savings, then guess what? An unexpected $2000 car breakdown, or health bill, won't cause you to stop making payments on your house!

We as a society have grown far too complacent about saving and investing. Just yesterday on NPR I was listening to a story about how the overwhelming majority of Americans live so far outside their comfortable means that an unexpected $2000 bill (like those above) would ruin them financially.

Stop buying Cadillacs and real estate you can't afford, and start saving and investing, America!

aw---people don't waste money on things they don't need. And it's not really fair that they get sick and stuff.

 

[Terral]

Hi Neubarth:

22 Percent of Florida Mortgages Non-Current

A staggering 22 percent of all mortgages in the state of Florida are non-current, according to a new report from Lender Processing Services . . .

I was born and raised in Florida and sold real estate during the 1970's. Members of my family have worked at Cocoa Masonry of Orange and Pinellas Counties since the mid 1960's, but today the office on Ulmerton Blvd in Clearwater, Florida is closed (no work); and we once worked more than 350 people. The simple fact is that Florida has about two million Illegal Alien Foreign Nationals running around loose EVERYWHERE and nobody is doing one thing to enforce the 'Rule Of Law.' Tent Cities are going up everywhere for white and black people, but the Illegal Mexicans live 10 to 20 in one house. Contractors are fighting over Illegal Aliens and masons that used to make 24 dollars per hour are forced to take jobs paying 14 dollars OR LESS; because the goddamned Illegal Aliens will work for less than half of any price.

Florida is suffering from a definite Depression, because far too many Illegal Aliens are 'displacing' Florida workers who must then run out and displace another Floridian from his job. We are playing Musical Chairs with fewer and fewer and fewer JOBS, as the local markets are imploding more and more with every passing day. The Consumer Base is eroding away along with the local Tax Base and 'nobody' is doing one thing to enforce the immigration and labor laws.

America is being systematically destroyed and very much 'on purpose.' One thing is for certain: What is happening right now in Florida is coming to your town 'and' very soon . . .

GL,

Terral

 

[Ravi]

The bad economy in Florida has nothing to do with illegals.

 

[Neubarth]

Hi Neubarth:

22 Percent of Florida Mortgages Non-Current

A staggering 22 percent of all mortgages in the state of Florida are non-current, according to a new report from Lender Processing Services . . .

I was born and raised in Florida and sold real estate during the 1970's. Members of my family have worked at Cocoa Masonry of Orange and Pinellas Counties since the mid 1960's, but today the office on Ulmerton Blvd in Clearwater, Florida is closed (no work); and we once worked more than 350 people. The simple fact is that Florida has about two million Illegal Alien Foreign Nationals running around loose EVERYWHERE and nobody is doing one thing to enforce the 'Rule Of Law.' Tent Cities are going up everywhere for white and black people, but the Illegal Mexicans live 10 to 20 in one house. Contractors are fighting over Illegal Aliens and masons that used to make 24 dollars per hour are forced to take jobs paying 14 dollars OR LESS; because the goddamned Illegal Aliens will work for less than half of any price.

Florida is suffering from a definite Depression, because far too many Illegal Aliens are 'displacing' Florida workers who must then run out and displace another Floridian from his job. We are playing Musical Chairs with fewer and fewer and fewer JOBS, as the local markets are imploding more and more with every passing day. The Consumer Base is eroding away along with the local Tax Base and 'nobody' is doing one thing to enforce the immigration and labor laws.

America is being systematically destroyed and very much 'on purpose.' One thing is for certain: What is happening right now in Florida is coming to your town 'and' very soon . . .

GL,

Terral

Indeed, the two states with the largest illegal populations are having the most difficulty with unemployment. In the southern part of the central valley, here in California, the unemployment is now well over fifty percent in the farm towns. Shades of the Great Depression! Ironically, many of the illegals have left California and have gone back to Mexico to "ride out the storm." Unfortunately, the storm is going to be long lasting.

 

[william the wie]

I forgot the source but at least one of the newsletters I subscribe to quoted a Mexican government that was worried about the "massive" increase in reverse remittances. Since no baseline was given for all I know that might just be a spike in the number of girls turning 15 in el Norte with at least one Mexican parent. But the number of homeless in Florida and their camps is becoming noticeable here in Jacksonville.