Florida Mortgage Defaults Cover All Income Brackets

The spate of foreclosures across Florida is not limited to certain regions or income brackets.
That’s the finding of a survey of Florida mortgage holders by state-based Attorneys’ Title Insurance Fund. The survey of more than 1,400 homeowners, conducted in mid-June, found that 16 percent have been or know somebody who has been in the foreclosure process.

The poll also found that more than 10 percent of owners in nearly every market surveyed, and more than 15 percent in each of the three income brackets surveyed, have been involved in a foreclosure or know someone who has.

The most recent foreclosure figures from RealtyTrac Inc. show that one in every 431 households in the state was in some form of default in July, a 78 percent increase from July 2006.

“A common misconception among Florida homeowners and consumers is that foreclosures disproportionately affect the lower income brackets and most often occur in poorer neighborhoods when in reality, foreclosures are occurring in every price range and in every [Florida real estate market] across the state,” said Charles J. Kovaleski, president of Attorneys’ Title Insurance Fund.

The survey also found that most Florida homeowners are willing to buy foreclosed properties - 56 percent said they would make such a purchase, while only 17 percent said they wouldn’t and 27 percent were unsure.