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Number of Foreclosures in Florida Remains High

Florida had the nation’s highest state foreclosure rate in 2012. The nation’s highest state foreclosure rate for the first time since the housing crisis began. In 2012 and currently, the actual discount off a normal price is much less than it used to be.

The national average discount of foreclosed real estate was only 8 percent compared to non foreclosures, The high was a 23 percent average discount nationally in 2009. The average in 2011 and 2012 was appx 9-11 percent.

August 2012 – Fewer homeowners nationwide are “underwater” on their mortgages, owing more on their loan than their home is currently worth. CoreLogic reported in July that the number of underwater mortgages fell from 12.1 million or 25.2 percent at the end of 2011 to 11.4 million or 23.7 percent by the end of the first quarter of 2012.

The number remains high in some states. Those with the highest negative equity also tend to have some of the highest percentage of homeowners falling behind on mortgage payments and facing possible foreclosure.

24/7 Wall St. identified the following states with the highest percentage of homes with underwater mortgages.
Nevada: 61.2%, Florida: 45.1%, Arizona: 43.4%, Georgia: 37.2%, Michigan: 35.6%, California: 30.5%,  Illinois: 28%

While the housing market is showing signs of picking up across the country, housing experts warn of a new concern for homeowners: resetting home equity lines of credit.

Home equity lines of credit often require low payments in the initial years as homeowners only pay loan interest at the onset. But later on, these loans reset with higher payments when homeowners have to start paying down the principal. A large percent of homeowners with home equity lines of credit have paid only the minimum amount due on these loans. Many borrowers may soon see their home equity lines of credit reset with higher payments and those higher payments may be too much for some borrowers.

The Office of the Comptroller of the Currency warned of the danger these resetting payments could pose for many homeowners across the country. The OCC warned that nearly 60 percent of all home equity line balances would require payments of both principal and interest between 2014 and 2017.

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