Foreclosures cloud the sky over Florida, USA
Florida, the sunshine state, appears to be eclipsed by the news that foreclosures are running seriously high and show no signs of subsiding.
The American mortgage market is struggling to recover throughout the USA but it is Florida that is the hardest hit at the moment.
Figures from a survey by the Mortgage Bankers Association covering the three months from July to September show that of the state's mortgage loans, around 13% were in foreclosure - the national average is running at 4.5%. Delinquent loans in Florida registered at 12%, just slightly higher than the 10% national average.
Unemployment is no doubt a contributor to the problems and it continues to climb. The percentage rose to 11% during September, the highest for 34 years, and is forecast to hit around 11.5% during 2010.
Some analysts believe the signs for recovery in USA real estate were positive following the recession end in mid-summer but with a glut of distressed properties waiting in the wings, full recovery appears to be out of reach for the foreseeable future.