Homeowners In South Florida Experiences More Financial Uncertainties Due To Rising Mortgages
More and more homeowners nationwide, especially in South Florida are experiencing difficulties with their mortgages for second quarter compared to last year. Despite the fact that there is money coming in to some parts of the real estate market in the Sunshine States, more homeowners are having problems dealing with the global recession.
It is estimated that there the total homeowners with mortgages in Palm Beach is about 46% in 2011 – which is a very high number considering it used to be a luxurious neighborhood. Compared to last year’s 43% mortgage concern, you can’t really say which is which that is really affecting the economy.
Other places that also experienced a rising number of mortgage concerns is Treasure Coast – accumulating 56% of its population having financial uncertainties due to high mortgage rates. But ironically, was higher compared to last year’s 54%.
Meanwhile, the number of homeowners with mortgage concerns is about 27 percent as of the 2nd quarter of 2011, compared to 22.5 percent of 2010. A lot of experts believed that 2011 was about to take a huge toll in the market – but the market miraculously keeps on rolling with the punches and is now experiencing a very slow, but hopefully steady rise in the coming years.
Compared to the other cities and States nationwide, South Florida is starting to become one of the quickest real estate markets to bounce back from its losses during the real estate boom of 2008. As South Florida continued to fare better than the other States, you can only say that it could prove success into the real estate economy.
Despite the other scares regarding the real estate market nationwide, more purchases are being made nationwide and if this continues – hopefully, we could feel a much lighter mortgage fee in the near future.