Florida 2nd in September Foreclosures....One in every 248 Households!

Florida second in September foreclosures

South Florida Business Journal

Florida had the second-highest number of foreclosures in the country in September and was also No. 2 in the frequency of foreclosures, according to RealtyTrac figures.

With 33,354 properties in some stage of foreclosure, Florida had one foreclosure for every 248 households.

http://southflorida.bizjournals.com/southflorida/stories/2007/10/08/daily35.html

For discussion California was first, and third goes to Ohio. The article goes on to provide information on the rest of the U.S.; overall 39 states saw a decrease in foreclosures or approximately a 8% decrease. The number across the country in September was roughly 223,538, representing one in every 557 households.

The last quarter of 2007 has $120 Billion in adjustable rate mortgages that are scheduled to reset. Of that number, $90 billion is for the sub-prime market.

What do you attribute the decrease to?

Do you think this could be a turning point or is it just a slight lull before the next monster wave of foreclosures?

Could the decrease also be that some of the "savvy" buyers have decided to buying the reduced priced properties in some stage of foreclosure? Given low interest rates in the conforming markets (under $417K), an abundance of choice in homes, sellers under pressure to sell~ it seems like a favorable time to buy!

Found this online....Mr. Ichan's take on the market(video):

http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vP0C48OWiEuU.asf