Florida foreclosure is at a pretty high rate right now. Due to the economic crisis, people everywhere are suffering that is causing many homeowners to face this foreclosure. But Florida foreclosures are suffering a enormous increase in numbers after about a decade of skyrocketing appreciation, so the fall is pretty hard on the residents.

During the late 1990′s, Florida and the surrounding areas saw an upswing in the rising property values. Florida became an investor rich area with seasoned and new real estate professionals scoffing up properties at a rate so fast. This phenomenon actually caused a housing shortage which led to higher increases in the property values.

Then due to the rash of sinkhole claims in the early part of the 21st Century, the insurance companies got skittish, and many of them pulled out of the state. Sinkhole activity is very common in this particular area of Florida, but the standard methods for repair were outdated and thus, led to an influx of sinkhole claim lawsuits.

Then the Year of The Hurricanes hit in 2004. Coming on the heels of the sinkhole situation, the few insurance companies that were still writing in the state of Florida bailed out, leaving only the state run, Citizen’s Insurance Company. Florida statutes mandated that Citizen’s carry a considerably higher premium cost to consumers to prevent those not ‘in need’ from purchasing this government run insurance product. But, when there was no one else, so everyone became a Citizen’s policy holder.

With the rise of the property values came an increase in property taxes and with insurance companies leaving the homeowners with only Citizens Insurance to turn to, the prices of homeowners insurance also went up. Those who did have or purchased homes had to scramble to find more money to keep up the insurance and tax payments.

Adjustable rate mortgages kicked in, and mortgage payments went up. This was happening while the price of fuel rose, the price of goods rose, and jobs became scarce.

In 2007, the wave of foreclosure filings began to pile up.

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