Florida Foreclosures

From Business Journal:

“Nearly 23 percent of residential loans in Florida were delinquent or in foreclosure in the second quarter, according to a survey by the Mortgage Bankers Association.
Florida has the highest rate in the nation, followed by Nevada, Arizona and Michigan.”

That’s fairly close to one out of four properties and it makes me think Florida is going to have real estate problems for quite some time. The distinction needs to be made between delinquent loans and property in foreclosure because delinquent loans will often reinstate, but we’re still looking at a huge percentage of existing homes fitting into the category of distressed properties.