Florida, 22 Percent of Mortgages in Trouble

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According to Lender Processing Services, 22 percent of Florida mortgages are either delinquent or in foreclosure. Over 10 percent are in some stage of foreclosure.

Given the relatively low number of foreclosures on the market, there is either going to be a massive restructuring of loans or a very large number of foreclosed houses on the market.

I suspect that because the banks can finance past-due mortgages at close to zero inerest rates and the rules have been changed so they don't have to write down mortgages are the factors behind this mystery.