Foreclosures are on the rise and the state of Florida is outpacing others with the most cites dealing with the foreclosures crisis. Alist compiled by Forbes magazine and Realty Trac, shows the Sunshine state taking up nearly half the list.
Out of 20 metro areas across the country, Florida is taking the lions share with eight cities seeing a serious uptick in Foreclosures, including its capital, Tallahassee. Daren Blomquist is with the foreclosure listing site RealtyTrac.
“The slow down last year were so dramatic in Florida, really, the foreclosure process; the foreclosure industry in Florida, last year was thrown into what I would classify as a state of dysfunction."
Blomquist says that's because lenders were having trouble with documentation, foreclosure attorneys were being accused of improper procedures and the court system is bogged down with foreclosure filings.