The number of foreclosures, including foreclosed fixer upper homes for sale, is likely to increase again this year in Florida if mortgage loan delinquency figures are to be used as gauge for predicting future foreclosure numbers in the state. Florida is top among the 50 U.S. states in terms of delinquency rate in 2010.
The supply of Orlando foreclosure homes and repossessed houses in the rest of the state is likely to rise further in 2011 if delinquent homeowners failed to make their loans current. As of the end of last year, Florida's delinquency rate stands at 23%, higher than any other region in the U.S. On average, delinquent homeowners in the state are able to last almost 690 days in their homes before they lose them to foreclosures.
Foreclosed Florida houses for sale are not the only ones in danger of rising this year. Several other states have delinquency rates that are over or near the 20% percent mark. Florida is followed by Nevada, which has a 21% delinquency rate, while Mississippi is at third with 19%. It takes around 350 days for delinquent homeowners in Florida to receive their first default notice, according to public records.
Overall, nationwide foreclosure numbers, including foreclosed fixer upper homes for sale, are likely to rise in the coming years, unless ways are found to help delinquent homeowners in making their mortgages current. According to housing market analysts, the huge volume of mortgage loans is overwhelming lenders and banks, which might provide more time to delinquent borrowers to find means of updating their payments.
However, analysts also stated that foreclosed properties for sale will still probably increase even if half of the delinquent borrowers are able to find a way, mainly because of the high unemployment rate of the country. Latest job market figures showed that the U.S. unemployment rate is hovering between nine and 10%.
It also does not help that around 13% of all mortgage holders are at least a month behind in their loan payments as of the end of 2010. Fixer upper homes for sale, bank foreclosures and distressed properties will continue to rise unless the job market stabilizes, analysts have added.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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