How Many Southwest Florida Resident's Homes Are Underwater?
Recently, I wrote a blog for the Mortgage Law Network titled: More Homeowners are Underwater on Their Mortgages. The reason I wrote the blog was because of the alarming numbers of homeowners whose homes are underwater. The term underwater means that the home is not worth what is owed on the debt. In Southwest Florida, the number of homes underwater is alarmingly higher than the national average.
Nationally, there are over 75 million homeowners, and approximately 12 million are underwater. Each day I speak with people who are dealing with this issue. Let's face it, unless you have been living under a rock for the last two years, you know that the average home price in Southwest Florida has been spiraling downward. I would estimate that the average home price has falled at least 20%. In some areas of Southwest Florida, like Cape Coral and Lehigh Acres, that number is much higher. How much higher? I don't know, and really no-one can say for sure.
The big question is: What is being done to help people save their homes? Recently, the FDIC chairperson, Sheila Bair came out and criticized the Federal Government over its handling of this matter. I agree with Ms. Bair, that the President hasn't really addressed the mortgage meltdown problem at its core. This is an issue of great concern, and I will continue to monitor it closely.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, and Naples and has expansion plans for Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog.
