Fox New’s Marketwatch reported that Florida has suffered the most in home foreclosures of any state Over ten percent of all mortgages in the state are in foreclosure and double that amount have defaulted in one way or another. Those percentages amount to over 2.3 million Florida mortgages being underwater.
It’s interesting because you always hear people musing that it was the Las Vegas housing market that was hit the hardest or that it was Michigan that took the toughest blow. How can all these places be hit the hardest, be suffering the most? Clearly, it’s comparing the lesser of evils. Doing a quick Google search of “Michigan Housing Market” a majority of the hits have the theme of despair. For example, some hits were entitled: “When will Michigan Housing Recover, are we near bottom yet”?” “Why Michigan House Values keep falling (and falling).” The same type of theme comes up when the same search is done for Las Vegas.
So it is a scary thing to hear that a winner has been declared as having the worst mortgage problems, because if there is a state that has a higher foreclosure rate than those states that immediately come to mind in terms of high foreclosure rates, the bottom may be lower than we thought.