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Old 07-03-2010, 06:57 AM
 
681 posts, read 885,790 times
Reputation: 161

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“ 90% of the homeowners in the Cape Coral/Fort Meyers MSA are underwater. Their average mark-to-market loan-to-value ratios are 126% and 188% respectively.


Struggling homeowners in Florida will have limited ability to face any additional economic challenges brought on by the Gulf oil spill, according to Fitch Ratings.


Also among the study's more notable findings, 'Florida already ranks the worst among all states in mortgage delinquencies across all product types,' said Managing Director Sxx.

'Additionally, Florida contains a disproportionate amount of non-prime loans, with 85% of loans being categorized as Alt-A or Subprime.' Such products have become associated with weaker performance in general. This is especially meaningful in Florida where severe home price declines have impacted most areas of the state.

On an aggregate basis, 81% of all loans in the state are 'underwater', and the average mark-to-market loan-to-value ratio of Florida loans is 138%. 'Nearly 40% of all Florida borrowers owe more than 150% of the value of their homes,' said Sxx. Although half of all borrowers in the state are current on their mortgage payments, they owe 120% of their home values.

Given the significant negative equity, 'further economic stress brought on by the Gulf oil spill and declines in the tourism and fishing industries would be likely to further increase default rates,' said Sxx. “



June/28/2010
Fitch: Oil Spill May Intensify Problems for Troubled Florida Mortgage Borrowers | Earth Times News

 
Old 07-03-2010, 09:35 AM
 
Location: England
173 posts, read 156,026 times
Reputation: 36
That's absolute rubbish.

If you bought a house prior to the bubble you won't be in negative equity at all.

If you bought in Cape Coral 10 or 15 years years ago, you'll have easily paid less than your house is worth today. A little bit of research here:

Lee County Property Line

will demonstrate that. Depending on location, some people are still sitting on big profits

That story is plainly ridiculous.
 
Old 07-03-2010, 10:58 AM
 
681 posts, read 885,790 times
Reputation: 161
" The 60+ day delinquency rate for Florida has been heavily influenced by the significant home price declines already seen to date, along with the worsening in the rate of unemployment.

On an aggregate basis, 81% of all loans in the state are 'underwater', and the average mark-to-market loan-to-value ratio of Florida loans is 138%.






June/28/2010
Fitch: Oil Spill May Intensify Problems for Troubled Florida Mortgage Borrowers | Earth Times News
 
Old 07-03-2010, 12:04 PM
 
Location: England
173 posts, read 156,026 times
Reputation: 36
There are lies, damn lies and then there are statistics
 
Old 07-03-2010, 01:30 PM
 
Location: Florida Space Coast
2,356 posts, read 5,094,832 times
Reputation: 1572
Quote:
Originally Posted by BritPop View Post
That's absolute rubbish.

If you bought a house prior to the bubble you won't be in negative equity at all.

If you bought in Cape Coral 10 or 15 years years ago, you'll have easily paid less than your house is worth today. A little bit of research here:

Lee County Property Line

will demonstrate that. Depending on location, some people are still sitting on big profits

That story is plainly ridiculous.
Of course it's rubbish look who wrote the post. Over 60% of the 30000 homes sold in the last 2 yrs have been bought with cash. Before that 33% of the homes were owned free and clear. There are enough true issues in the area one shouldn't have to make up lies. Best to just ignore these types of posts
 
Old 07-03-2010, 06:00 PM
 
681 posts, read 885,790 times
Reputation: 161
" Worth noting is that Florida accounts for 16% of all 60+ day mortgage delinquencies; the ratio of its share of delinquencies to its share of total mortgages outstanding, at 1.6, is the highest among all the states. In contrast, California currently represents 36% of mortgages outstanding, and accounts for 35% of all 60+ mortgage delinquencies, its ratio is 1.0. "


June/28/2010
Fitch: Oil Spill May Intensify Problems for Troubled Florida Mortgage Borrowers | Earth Times News
 
Old 07-03-2010, 06:11 PM
 
Location: Cape Coral
5,503 posts, read 7,338,017 times
Reputation: 2250
YOKO- "90% of Homeowners in the Cape Coral/Fort Meyers Area Are Under Underwater"

I don't think anyone who is truly from our area or has property in SW Florida would spell Fort Myers this way!
 
Old 07-03-2010, 06:32 PM
 
Location: England
173 posts, read 156,026 times
Reputation: 36
Quote:
Originally Posted by rikoshaprl View Post
YOKO- "90% of Homeowners in the Cape Coral/Fort Meyers Area Are Under Underwater"

I don't think anyone who is truly from our area or has property in SW Florida would spell Fort Myers this way!
Too true!

Nor would they believe that alarmist drivel either
 
Old 07-03-2010, 06:41 PM
 
681 posts, read 885,790 times
Reputation: 161
" Given the significant negative equity, 'further economic stress brought on by the Gulf oil spill and declines in the tourism and fishing industries would be likely to further increase default rates,' said Sxx. "








June/28/2010
Fitch: Oil Spill May Intensify Problems for Troubled Florida Mortgage Borrowers | Earth Times News
 
Old 07-03-2010, 06:58 PM
 
Location: Cape Coral
5,503 posts, read 7,338,017 times
Reputation: 2250
Too funny!
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