Florida Home Seizures, Florida Foreclosures

Home Seizures up Drastically, Florida Foreclosures

In the third quarter, failing Florida economy helped push 90,000 more homes into foreclosure, amid mounting job losses and falling home prices, according to an industry report released Friday.

The Mortgage Bankers Association reported at the end of September, Florida foreclosures stood at 7.32%, representing 261,027 homes. The percentage of all homes in foreclosure in Florida easily outranked those of other states. Nevada's rate of 5.58 was second highest.

Jay Brinkmann, MBA chief economist says ''Florida has lost 156,000 jobs [this year], the highest in the country, and that now is clearly driving problems in Florida in addition to some of the overbuilding issues we saw there''. He noted that speculation and poor underwriting had contributed to both Florida and California's high rates.

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