BAC - such a deal in Florida
Bank of America’s Florida home loans are going under water at an alarming rate. According to Realtytrac’s data, Florida has the third highest foreclosure rate in the nation with a 14% month on month increase in foreclosure rates from July to August. Foreclosures are up 139% year on year as of July and Florida is home to the largest number of properties with foreclosure filings on them (just over 45.8k). Bank repossessions are up 678% year on year and default notices leapt 100%. Fort Meyers, Fl has the highest metropolitan area foreclosure rate with 1 in 64 households notified in July. BAC has over $15bln in mortgage loans in Florida with at f/c rate of just over 3%.