The Real Deal Miami

Florida leads in foreclosures

August 21, 2009 11:30AM

The Mortgage Bankers Association reports that 25 percent of Florida mortgage borrowers — a quarter of state homeowners — are behind on payments or in foreclosure, giving the state the unwelcome top position nationally in terms of foreclosure inventory. The MBA said the national delinquency rate is the highest on record. Jay Brinkmann, chief economist of the Mortgage Bankers Association, said Florida deserves special mention, and that it, along with Nevada, surpasses all other states by a significant measure. Prime borrowers with good credit showed the biggest increases in delinquencies, showing that job losses and falling home prices are taking a toll on a new set of homeowners. [Palm Beach Post] and [Miami Herald]