Florida Real Estate Leads the Collapse
The Florida real estate market continues to plummet. In fact, the greater Miami area, which includes Fort Lauderdale and other cities as far north as West Palm Beach, has a deliquency rate of 28.8%. This rate measures the percentage of residential mortgages that are past due 90 days or worse. By comparison, the rest of Florida has a deliquency rate of 16%, while Las Vegas, Nev. has a 21.7% deliquency rate.
These measures of financial disaster were published by First American Corelogic a real estate information firm based in Santa Ana, CA.
The outlook for Florida residential real estate remains bleak for the foreseeable future. It is likely that numerous Florida banks will be closed because of their heavy concentration in real estate either directly and indirectly. The odds favor another leg down as potenital buyers return north and financing options diminish.
These measures of financial disaster were published by First American Corelogic a real estate information firm based in Santa Ana, CA.
The outlook for Florida residential real estate remains bleak for the foreseeable future. It is likely that numerous Florida banks will be closed because of their heavy concentration in real estate either directly and indirectly. The odds favor another leg down as potenital buyers return north and financing options diminish.
posted by Tarot Cardreader at 4:30 PM
1 comments
