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 list of the biggest increases in foreclosure rates across Florida reads like a map of the fallout from the unbridled real estate boom.

Foreclosures spiked 788 percent during the last three years in the 20th Judicial Circuit, home to Port Charlotte, Fort Myers and Cape Coral. In the 12th Circuit -- Bradenton, Sarasota, North Port, Venice and Arcadia -- filings rose 631 percent from 2006 to 2008.

Statewide, foreclosures rose nearly 400 percent, with 623,570 properties receiving unwelcome attention from banks and mortgage lenders. Through May, another 175,612 properties entered the pipeline, according to a study prepared by a task force advising the Florida Supreme Court about how the judicial system can deal with the worst foreclosure crisis since the Great Depression.

Though the foreclosure crisis has become a well-known phenomenon, perhaps no study has looked at the Sunshine State's pain in such a broad fashion.

The report, drawn from clerk records in each judicial circuit, is a who's who of communities where the boom ran amok.

Huge swaths of Florida's coastline -- hot spots during the boom -- are where the fallout is heaviest. Foreclosures in those areas have soared a minimum of 360 percent since the housing market began ebbing in 2006.

The primary drivers were speculators who rode in to buy houses hoping to turn them quickly for an even higher price. But even homeowners who stayed on the sidelines grabbed readily available -- and almost inevitably toxic -- adjustable-rate mortgages that allowed them to tap equity for big purchases.

Speculative buyers were "like an infestation," and the areas that they targeted are now paying the price, said Lewis M. Goodkin, a real estate analyst and founder of Miami-based Goodkin Consulting. complete story

Source: Herald Tribune - Tom Bayles & Aaron Kessler

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Posted by Real Estate - Associates on August 13th, 2009 9:37 PMPost a Comment (0)
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