Florida is behind only Nevada on this housing misery index calculated by Trulia.com. 43% of working households in South Florida spent more than half their take home pay on housing in 2010. Owners shouldn’t spend more than 30% of their income on housing costs.
To calculate the index Trulia combined the percentage of decline in home value since the peak of the housing boom and the number of mortgages that are at least 90 days past due.
The housing market was already suffering from inflated prices, but the recession has made things worse. The average owner’s housing expenses are the same or more than before the recession begain, but now home values are dramatically lower.
If you find yourself in this situation and are facing foreclosure, please call so we can discuss how I can help.