KEL Attorneys Find Increasing Foreclosure Rates Across the Nation

Throughout our nation, the rate of foreclosures is steadily climbing, with particular severity in the Sunbelt states.  Over the past year, the top 20 metropolitan areas for foreclosure rates are all located in the Sunbelt region.  States holding the majority of foreclosures include Nevada, Arizona, California, and Florida, with the Orlando area reaching as high as number 7 on the metropolitan list for 2009. 

At the end of 2009, Orlando netted a foreclosure rate of 8.2%, which translates to one in every twelve homes receiving a filing for foreclosure.  The total number of filings was 72,141, which is a 54% increase from 2008’s total. 

Factors such as high home prices, poor lending practices by brokers and financial institutions, and a high unemployment rate have contributed to the large increase in foreclosed homes, and the most severely impacted counties include Lake, Orange, and Seminole, with Lake county leading the way with 7791 filings (a 65.3% increase). 

Although the economy is beginning to grow again at a slow pace, the rate of foreclosure actions filed will continue to increase as long as the unemployment rate remains high and new opportunities for employment remain scarce (Reuters).  During these difficult economic times, KEL Attorneys continues to take the fight back to the lenders on behalf of the consumer.