In Southern Florida there is a staggering amount of foreclosure filings. The foreclosure filings include notices sent to the borrower from the lender and not necessarily final foreclosure. There were 19,000 filings in southern Florida so far this year which has made the state reach record highs.

Over the course of three years foreclosure filings have increased dramatically. In 2005 there were a total of 6,159 foreclosure filings and by 2008 there were more than 48,000 which is an increase of 679 percent. If foreclosure filings continue to go in the same rate of 19,000 this year in the first four months then by the end of the year there will be 70,000 to 80,000 foreclosure filings.

For every 3 foreclosures there are 7 waiting to happen within the next year. Experts anticipate these numbers to increase once again as adjustable rate loans change and the homeowners end up paying more than they can afford. Most of the properties over the past five years in southern Florida were bought for investment purposes or are too expensive for the homeowner to afford. In most cases, the homeowners wouldn’t qualify for the government bailout plan since they don’t make enough to pay for their monthly mortgage or the property is an investment and not the home they live in. It is expected with the increase of foreclosures that home prices will drop even more which will be even worse for the state.