Despite the recent “housing boom,” Florida continues to be ahead of the curve when it comes to foreclosures.Does this necessarily signal a downturn in Florida’s economy? Not really.One reason that might account for the higher foreclosure rates can be that they take longer in Florida can anywhere else in the United States.In an article published in The Miami Herald, which talked about Florida foreclosures, author Martha Brannigan states:

“One reason Florida’s foreclosure inventory is so high (the national average in May was 2.6 percent) is its foreclosure cases take so long. Florida handles its foreclosure cases in the courts, typically resulting in a more protracted process than the administrative proceedings used in some other states.”

So is Florida really the foreclosure capital in the United States or are we just really slow processing things?

It’s important to consider the information at hand from all sources and not just one. Newspapers, television, radio, etc. all provide one piece of the puzzle, so just one is not good enough. 

The economy is constantly changing and we are still holding our breath trying to decipher how it will all work out. Hopefully it does, but we have to be wary of what is thrown at us.Like fellow Active Rain poster, Lenn Harley, said about the government’s recent “successes”:

“It would appear that the government’s self administered pat on the back may be just more public relations.”

Don’t get caught up in public relations, seek out the information!Interested in a reverse mortgage? Give PS Financial Services, a call at (888)845-6630 or email us at to determine if a reverse mortgage is right for you.