Florida Foreclosure Trends

As many buyers took out interest only loans and other creative loans, their payments are likely to increase at some point in time. Industry experts indicate we may see more foreclosures as a result. Realty Trac, an online marketplace for foreclosed property, reported that foreclosure continue to increase in May, but appear to be leveling off nationwide. In May foreclosures were up 28% than May 2005. Florida ranks 8th for the busiest foreclosure filing with one filing out of 821 households. The national rate is one filing for every 1,247 households. Courtesy Orlando Sentinel 7/1/06.