“The foreclosures in Florida, Nevada, California and Arizona are heavily influenced by speculators who are walking away from properties now that home prices have started to fall in areas of those states and they face resets in the adjustable-rate mortgages they took out for these homes,” Mr. Duncan said. “In addition, speculators in Florida are also facing much higher insurance bills” because of multiple hurricanes in recent years.
Nevertheless, its Ohio that has the highest foreclosure rate ever recorded for a state.
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