Florida’s Foreclosure Rate on the Decline
Last month’s recent decline in the number of Florida foreclosures is a welcome help to the state’s economic outlook. The hope is that these changes will provide more jobs for working people who are still struggling with unemployment. These numbers are promising to the state, which is still recovering from last summer’s devastating effects of the Gulf Oil Spill on its tourist economy. But, even with the decline in Florida’s foreclosure rate, there are still hundreds of thousands of homeowners who are still facing losing their homes. The high number of homes still in trouble is coming mostly from borrowers who owe more on their mortgages than the homes are worth. When this is combined with the high unemployment rate, big problems still remain for Florida’s sluggish economy. Analytics are expecting that by the end of 2011, the unemployment rate will see improvement. These changes will be good news for the construction industry, as well as the real estate market, which both were down during the last month of 2010.
Particular attention has been given to the increase in Naples foreclosures, because many are Florida’s most luxurious homes. Although, the foreclosure rate on these luxury homes is still less than the lower priced properties, they are notably on the rise. The poor and the middle class are no longer alone when it comes to feeling the pinch of the slow economy, now the wealthy are joining in their ranks. The Naples foreclosures had 15.37% increase from November 2010 through December 2010. Another factor contributing to the increase in foreclosures is that fewer people at 
risk are actually getting any type of assistance to lower their monthly mortgage payments. Bradenton foreclosures, another community of luxury homes, had an increase of 20.62% from November 2010 through December 2010. While Jacksonville foreclosures had increase rate of 15.29% and Sarasota foreclosures had a 9.44% change from November 2010 through December 2010
There are cities in Florida that have shown a decrease in their home foreclosures rate. This decrease was created by mortgage banks, when faced with an enormously high inventory of home foreclosures, began urgently working at unloading these home repos. Some of the techniques being used to move these homes are surprising low prices, and large bank discounts. However, there are many investors, and homebuyers who are still considering all the options available to them, and are holding out for further discounts. The huge amount of unsold homes has been affecting builders, and developers who have constructed homes, and now have not been able to sell them, because of the competition they are receiving from foreclosed homes that are being sold for much cheaper. This also has had its toll on unemployment numbers as construction companies are forced to downsize their company’s operations by cutting jobs. Still communities welcomed the decrease in the foreclosure numbers. Some of the cities which have noticed the biggest decline in home repos are Hollywood foreclosures at -25.85% and Miami foreclosures at -0.52% change during the time period of November 2010 through December 2010.
In spite of Florida foreclosures dominating the headlines, there finely is good news which came in December, 2010, regarding the biggest offshore oil spill in United States history. The Department of Justice has filed suit against BP, and the other eight companies which are responsible. The outcome of this ruling will force BP, and others to pay the billions of dollars they owe due to lost wages, and the cost of cleanup. Another good sign in recent days the recession in Florida may finally be coming to an end is that shoppers spent more on Christmas this year than at any time since the recession began.
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[...] Low Income Housing Coalition (research director) said, “Absolutely, unemployment is affecting the foreclosure rate and will drive it [...]
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