- 150,000 residential properties in Florida have been repossessed, and are owned, by banks.
- 371,000 foreclosure cases are open in courts.
- 530,000 residential mortgage loans are at least 90 days past due and in default.
- 265,000 homeowners have not made a mortgage payment in more than two years.
- 1 million residences are in some form “distressed,” whether in foreclosure, owned by banks or in default.
- 46% of mortgages “under water” - in other words, the debt exceeds the current market value of the residential property.
- 809, the average number of days to process a foreclosure in Florida.
It’s easy to understand why so-called short sales, in which owners and mortgage holders sell at steep losses, are viewed as advantageous options and positive movements in the total market. They are also good for the inspection industry. And finally, homeowners in financial peril are overcoming the psychological hurdles - and coming to terms with the financial implications of - short sales.