Recent figures from the Mortgage Banker's Association show that 12% of homeowners are in some kind of mortgage distressed — either late or behind on payments, or in foreclosure.
Florida, along with California, Nevada and Arizona account for 46% of the nations home foreclosures. These distressed properties are not just the result of subprime loans but those with prime fixed-rate loans. The rising rate of unemployment is behind this recent demographic falling into the foreclosure category.