Tomorrow morning, I'm headed back to the Bay Area, and the weather reports indicate that I'd better have an umbrella handy. We've needed this rain so I don't mind, and besides, it's still pretty pleasant next to sections of the country with windchill factors way below zero.
Real estate news from the Sunshine State is not good. Florida has replaced California, ranking #2 nationally in the rate of foreclosures, with one in every 165 homes in danger of being bank owned. (Nevada still holds the dubious honor of being #1.) It has bucked the national trend which has recorded four months of foreclosure decreases. Statewide, Florida foreclosures have increased 8 percent in the past year. In Palm Beach County, where my sister lives, there has been a 26 percent increase in foreclosure filings compared to this time in 2008.
Loan modifications will help some homeowners, but in over half the cases it's a temporary fix...only delaying the inevitable.
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