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South Florida

Florida mortgages drop by a million over seven-year period

Florida's 25 percent mortgage drop led the nation
Florida's 25 percent mortgage drop led the nation

Mortgages in Florida have decreased by one million in the last seven years as a result of the real estate crash, according to data from credit information company TransUnion.

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Mortgages fell from almost 4.3 million in the third quarter of 2007 to 3.2 million for the same quarter in 2014, the report said. The 25 percent drop for Florida represented the largest in the nation.

Steve Chaouki, executive vice president at TransUnion, told the South Florida Sun Sentinel that the decline in mortgages could be attributed to high rates of foreclosure and short sales during the real estate crash. Chaouki didn’t have separate numbers for South Florida, but said the region’s loss was comparable to the state due to South Florida accounting for so many of Florida’s home sales, the paper reported. [Sun-Sentinel] — Chris Guanche

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Mortgages