Florida Home Foreclosures

Florida had the second-highest number of home foreclosures in the U.S. in June, according to RealtyTrac. The number of foreclosure filings in the state jumped 92% from a year earlier.

Florida's credit problems are expected to continue to depress Florida's housing market into 2009. If you're among the homeowners who took on more mortgage than you could really afford during the housing boom and liberally tapped your home equity, you may owe more than your house is worth and be having difficulty selling.

If you're facing foreclosure, talk with your lender to find a solution so you don't end up defaulting on your loan. If you're more than 90 days late with mortgage payments, your lender will likely notify you that it intends to foreclose. While refinancing may be an option if you've stayed current on your mortgage payments, you'll probably have trouble qualifying for a loan if you've been late paying on your mortgage.

Despite the credit problems that have plagued Florida's housing market, there was a slight increase in home sales in May 2008, and that could be good news for you as a homeowner. Sales of single-family homes rose 8.7 percent in May from a month earlier, according to the Florida Association of Realtors. And the median price for an existing home was $203,300. But if you're hoping to take advantage of falling home prices to buy, expect lenders to scrutinize your income and other information carefully before approving a mortgage.

Sources

RealtyTrac

Florida Association of Realtors