We know Florida is bubblicious. Now, it is the leader in foreclosure activity.
Yikes! Expect the foreclosure rate in Florida to rise further. Florida's homeowners are especially vulnerable to foreclosure because of high hurricane insurance rates. The Real Estate Industrial Complex bears a large degree of responsibility for this debacle.
Florida is leading the nation in foreclosure activity, according to a report by Bargain Network.
The report said that Florida has approximately 28,000 properties in some form of foreclosure, accounting for 27 percent of the nation's total. With one new foreclosure filing for every 254 households, the state's foreclosure rate was more than four times the national average.