The Real Deal Miami

Florida among top spots for bailout aid

January 26, 2009 11:37AM

Florida, California, Nevada and Arizona generated about half of all
foreclosure filings nationwide last year, and will be the prime
beneficiaries of any federal housing rescue plan, according to RealtyTrac. Residents in those states hold just a
quarter of U.S. mortgages. Since mid-2007, skyrocketing foreclosures in
those states have been magnifying the national rate. Jan Hatzius, chief economist at Goldman Sachs, said in a recent report that the number of
unsold homes on the market is so large that prices are likely to keep
falling by another 20 to 25 percent through mid-2010.