Foreclosures

According to the Florida Association of Realtors, the number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year.

The Association reports that Florida was the No. 2 state for homes in some stage of foreclosure, with a total of 64,250, an increase of 77 percent year-over-year and up 41 percent from the last six months of 2006.

The mortgage industry right now has to face a lot of defaults and foreclosures, driven by borrowers with adjustable rate mortgages and subprime loans. The current down market with steadily decreasing home prices makes it more difficult for homeowners who fall behind on mortgage payments to sell their homes. The result often is foreclosure.

Other state with a high rate of foreclosures are California, Texas and Ohio.