Thursday, November 06, 2008

Florida's Rising Foreclosures.

The September unemployment rate for Florida hit 6.6 percent. Florida's unemployment rate is higher than the national average. In May of 2006, the Florida unemployment average was 3.3 percent. The rising unemployment created massive foreclosures.

Florida had the second-highest rate of foreclosures in the nation in September, according to foreclosure listing service RealtyTrac Inc.

One in every 178 Florida housing units received a foreclosure filing last month. Foreclosure filings were reported on 47,956 Florida properties during the month, an increase of 44 percent from September of 2007.

The foreclosure numbers were a driving factor in counties that leaned for Barack Obama.

The analysis compared a county's economic data with its presidential election results. It showed a correlation that for every 1 percent of Florida households in foreclosure in September, McCain lost 16 percentage points to Obama.

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