Just the facts:
- Florida top 5 states for having highest share of mortgage delinquency (reported by LPS)
- 44% of mortgages in Florida under water (reported by CoreLogic)
- 44% of mortgaged home owners in Florida = 1,900,000 home owners
- That’s a lot of people who can’t move for a better job, worse job, family illness, etc unless they walk away, short sale, or bankrupt
- There are entire neighborhoods built within the bubble years where almost everyone is upside down
- No neighborhood or area of town is excluded despite the residents and local REALTORS insistence that “this neighborhood hasn’t been affected by the housing market”
- Not all those 1.9mm want to move….so they are only underwater for now.
- The values of homes will go up again, and eventually all 1.9mm will be back to even or ahead.
- Banks have little idea on how to handle this….mostly because they aren’t too concerned. Remember, they sold off the loans and the risk to Freddie and Fannie / “we the people”. The banks just service the loan for the investor, getting paid to service with little to no risk.
- I’ll be doing short sales for waterfront homes, golf club homes, pool homes, and homes in just about every corner of Jacksonville and Ponte Vedra for quite some time to come! (with the help of a preferred Jacksonville Short Sale Attorney of course)