The year 2007 marked a new chapter in Florida Foreclosures as it went on to record the highest rate of foreclosure with one foreclosure per 719 households. This is bad news because the foreclosure rates were evidently around 2.5 times more than the national average.
This means that there were more repossessed homes put up for auction in 2007. Whether this trend is going to continue through 2008 or not is yet to be seen. As of now there are too many foreclosures for sale in Florida. Even the ambitious project of 55 West on Esplanade was not spared.
In a sudden move, this troubled condominium structure on Esplanade, in downtown Orlando, suffered a setback as it was foreclosed by the lender. In spite if the threat of Florida Foreclosures, the construction work on 55 West is on full swing as the developers, a South Florida-based company has vowed to finish this super-ambitious project by the end of 2008.
There are many similar properties in different parts of Florida like Jacksonville, Miami, Tampa, Fort Lauderdale, Boca Raton and Clearwater that are under the threat of bank foreclosures. This also means that by the end of the first quarter of 2008, we might get to see an increase in the number of Florida foreclosure homes.
The rising rate of Florida Foreclosures is like an early warning sign prior to an implosion. If we go back to the early part of 2007, we will see that the number of Florida foreclosure homes reported in February was 19,144, which were double that of last year and 63.5% increase since January 2007. Now the question really is: Are we going see more foreclosure homes in Florida or will there be some respite for existing homeowners?
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