20 Percent of Florida Foreclosure Victims Have Income of $100,000 +

April 6, 2010 No Comments »

rich

Interesting little tidbit from the Florida Realtors regarding foreclosures and income levels released today.

A new research study on foreclosures in the state over a three year period (March 2006 – February 2009) found that 20 percent undergoing foreclosure have annual income of $100,000 or more.

Another 20 percent have annual income between $50,000 to $75,000, while just 27 percent have income of $35,000 or less.

The big question is how many of these high-income foreclosures are strategic?

After all, 48 percent of Florida mortgage properties are underwater, the third worst rate in the country behind just Arizona and hard-hit Nevada.

Foreclosures Also Hurting Long Time Homeowners

Critics and economists often speculate that many of the recent foreclosures were the result of borrowers moving into homes they couldn’t afford and quickly defaulting.

The data from the Florida Realtors says otherwise: 35 percent of all matched foreclosure records represent homeowners who have lived in the home for more than 10 years!

Looks like a few cash out refinances went down in the state, because it’d be pretty hard to lose 10+ years of home equity

Another near 20 percent have lived in the home for 11-15 years, while more than 40 percent just 1-5 years.

As with most other areas, there has been a growing gap between foreclosure starts and homes actually lost to foreclosure, so many of these people who have received foreclosure notices may not actually be going anywhere…

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