Has Florida’s high delinquency rate created a “culture of default?”

Zillow’s report Thursday showed that while Florida does not have the most negative equity in the U.S., it does have a disproportionately high delinquency rate. According to the Wall Street Journal, part of the problem lies in Florida’s exclusively judiciary foreclosure process, which can keep borrowers in limbo for as long as 861 days – the state’s average foreclosure length in April.

“There are a lot of people hanging out in that pipeline,” Stan Humphries, Zillow’s chief economist, said. “If you’ve been around people who’ve defaulted, you’re much more likely to default yourself.” [WSJ] – Christopher Cameron