Florida foreclosures in 2008 put the state second to California in a ranking of the ten U.S. states with the highest foreclosure rates, as surveyed by California tracking firm RealtyTrac.
An increasing number of commercial properties are at risk of Florida bank foreclosures. Industry experts said that many commercial property owners are delinquent on their mortgage payments that it would not be long and another flood of foreclosures and bank failures would occur in the state.
Some areas of the U.S. take longer than others in terms of conducting sales for tax deeds and foreclosed properties. In Florida, some metro areas take almost two years before getting foreclosures sold.
Home and apartment foreclosures for sale increased in the area of Cape Coral-Fort Myers during the third quarter of 2010 compared with the second quarter, but are lower than last year.
So far, very few owners of homes in pre foreclosure have benefited from the state of Florida's mediation program. However, analysts are optimistic that the program will have better outcomes in 2011.
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