The Real Deal Miami

Grim economy unleashes new foreclosure wave

October 19, 2009 02:15PM

Florida is the most delinquent state in the nation for mortgage payments, according to second quarter figures from the Mortgage Bankers Association. One in four mortgages was at least 30 days behind, the group said, and this is just the beginning of a new foreclosure wave driven by rising unemployment, weak home prices, and a sagging economy. A crisis that started with exotic subprime loans and real-estate flippers has progressed to include condos and suburban homes like Leslee Ramos’ on Northeast 11th Drive in Malibu Bay, now worth less than half what she paid for it in 2006. After losing her job and using up her savings on mortgage payments, the home was finally foreclosed on earlier this year. She has a new job now, but her credit is severely damaged and she has moved back in with her mother.  [Miami Herald]