Lisa Simpson
May 7,2008
In: Repo Homes

Florida Repo Homes

Florida is a hurricane prone state in the southeastern part of US. It is a long finger probing into the ocean with the Atlantic on the east and the Gulf of Mexico on the West. The latest hurricane bashing the shores of Florida is that of Typhoon Foreclosure resulting in innumerable Florida Repo homes. Florida is known as the Sunshine State with its extensive coastline. During the war many air bases were constructed anticipating attack but today the assault is internal – economic crisis leading to Florida Repo homes. Florida is a booming city with about 700 private and public airports as well as Miami Port but nevertheless Florida Repo homes are causing headlines pointing to the disaster that has gripped Florida. It is part of the national scenario but in Florida it is exceptionally bad. How can Florida Repo homes steal the show in this land of the Everglades and subterranean caves and springs? In 2004 Florida was hit by a record number of four hurricanes. Were these then the precursors of bad days – the bashing of Florida with rising tide of Florida Repo homes?

Many analysts say that the sub-prime mortgage is largely responsible for the phenomenal rise in Florida Repo homes. The general allegation is that these mortgages were peddled largely to the minority group. But this does not explain the surge of Florida Repo homes because here 76.1% of the population is whites (1992 count). It seems the very prosperity of Florida attracted the housing boom when many availed of easy mortgages to build houses. Of the Florida Repo homes there are two categories – those in which the owners had resided and those that were bought for investment gains. Florida Repo homes can be seen in all the big cities of Florida – Jacksonville, Miami, Fort Lauderdale and West Palm Beach. It is difficult to understand why Florida Repo homes are on the rise when the economy of Florida is the fourth largest in the country with per capital personal income of $36,665.

Florida Repo homes are all part of a judicial process. Each state has a different set of rules regarding house foreclosures. It all starts off with the borrower failing in monthly payments and defaults. When this period crosses the 90 days deadline the mortgage becomes delinquent. The lender now seeks the permission of the court to foreclose. If the bank is satisfied then a court auction takes place. Florida Repo homes are those units that the lenders have failed to sell off at the auction.