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Florida Has Highest Rate of Foreclosure

Being in first place isn’t always a good thing. For example, Florida currently holds the distinction of being the state with the highest rate of foreclosures in the U.S.

According to a report in The Palm Beach Post, nearly one out of every five home loans in the state was delinquent in payments by 90 days or more, or was somewhere in the process of foreclosure during the most recent quarter.

Florida has nearly 3.5 million outstanding loans across the state and more than 13 percent of those are in trouble. This type of economic behavior does not bode well for a recovery. It also indicates that another large group of foreclosed homes is soon to crash into the real estate market with a resounding thud.

This somewhat alarming statistic is not helped by another problem: Florida’s 11.2 percent unemployment rate. Experts are not expecting employment to alleviate before the second quarter of 2010, by which time projections show the rate having risen to 11.4 percent.

Florida’s foreclosure numbers may seem high, but according to the Mortgage Banker’s Association, nearly one out of every seven loans in the U.S. is in foreclosure, an increase from one out of every 10 at the beginning of 2009.

Nevada, California, and Arizona closely follow Florida in foreclosure rate. Combine, the states are responsible for 43 percent of the new crop of foreclosures due to hit the market.

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