Florida FHA Default Rates

This should really be of no surprise to anyone.  With property values depreciating, people still spending more than they should, unemployment, condos, etc. Miami’s FHA default rate is at 17.92%, ouch.

I can’t argue this statement.  “Much of the blame lies in Florida’s famous condo market, which collapsed during the housing bust. The controversial practice of seller-assisted downpayments is also contributing, as is the scarcity of jobs and the severe decline in home values.”

Anyway, as I have mentioned time and time again, I think FHA is still writing bad loans.  I won’t be a dead horse and will leave it at that.

http://money.cnn.com/2010/03/26/real_estate/FHA_defaults_Florida/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29&utm_content=Google+Reader