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The year 2007 was like a nightmare for homeowners in Florida as the rate of bank foreclosures kept on increasing. According to the data collected by private agencies, it was seen that around 2% of homes in the State were in some stage of foreclosure throughout the year. More that 100,000 Florida foreclosure homes were up in the market for grabs and this was not at all a pretty sight in the Sunshine State.
According to the data collected it was found that the total number of foreclosure homes across Florida in 2007 was 279,325, which was almost the double the number of foreclosure filings in 2006. Even across the US, there was an increase of 1% in the foreclosure rate as compared to only 0.58% in 2006.
Most of the Florida bank foreclosures followed three steps in the legal actions, which included sending a notice of default followed by a notice of sale and then repurchase by the lender. The concerning increase in Boca Raton foreclosure homes has been due to the fact that there are several homeowners who have taken out a second mortgage while others even went ahead and took two mortgages, which in a way doubled their debt and also increased the chances of default on the payments.
The year 2007 was marked with an explosion of homes in foreclosure in the Palm Beach County, which saw 1,196 homes being foreclosed in September 2007 as compared to only 509 in September 2006. This is a straight increase of 135% and as a result Palm Beach County recorded a foreclosure rate of one per 518 households. This survey was conducted under the American Community Survey.
2008 is also expected to remain the same, which means that existing owners will have to go through the nightmarish experience of losing their homes and there will be more Boca Raton bank foreclosures.
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