When the Dreams Turns Into a Nightmare

By Priscilla Mader

Florida has one of the highest numbers of foreclosures in the country this year, according to Realtytrac.com, a website dedicated to listing foreclosed homes and other available properties.

On the top place of the foreclosure reality is the state of Texas. Florida Sunshine comes right after in the second place and Ohio has the third position, according to Realtytrac.com.

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

This month of October, there are 13,194 homes in foreclose listings just in Hillsborough County and over 35,000 regular listings in the county.

“People are desperate. We are also desperate. I and my husband are losing our home that we bought with sacrifice. Our business went down and we don’t have enough money to pay for our mortgages, property taxes, insurances and all other bills,” said Camila Gatti, 23, from Tampa.

According to the Hillsborough County public records, 4,099 homes went in foreclosure in the year of 2006, and the number of 2007 is already higher. The county informed that by October 18, 2007, already 6,652 homes went to foreclosure.

There are many reasons cooperating for the destruction of the homeowner’s dreams:
• Interest rates on mortgage loan are rising. Remember that Federal Reserve increased the prime rate 17 times during the last two years.
• Real estate values are decreasing because there are too many houses on the market. Many real estate investors and even occasional buyer purchased real estate for the sake of making quick profit as a result of appreciation in value.
• Cost of living is on the rise due to higher gasoline prices, higher taxes, and many other factors making payment of monthly mortgage installments more difficult.
• Unemployment is also on the rise in the entire country.
• The home-owner insurance property went way up after so many hurricanes affected the state of Florida.
According to the county records, property foreclosures continue to rise in Hillsborough County and at this point there are no further information when it is going to stop. For more information about foreclosures and options to avoid it, access the website: www.realtytrac.com.


3 Responses to “When the Dreams Turns Into a Nightmare”

  1. usfadvancedreporting Says:

    this story is good! i can tell it was from scratch, that you had to peice together all of the information. where does you reasonings come from (sources?)

  2. usfadvancedreporting Says:

    Good stuff. I like that you got a quote from someone going through a foreclosure. I have not seen that in any other reporting on this topic. – CH

  3. usfadvancedreporting Says:

    Also, the title does hint very well at the content. I would change it to something with the word Foreclosure or real estate slump

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