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Despite a 29 percent decrease in new foreclosures from the first quarter to the fourth quarter, Florida documented the nation’s highest foreclosure rate and accounted for more than 14 percent of the nation’s new foreclosures in 2005. The state reported 121,843 properties entering some stage of foreclosure — 1.67 percent of the state’s households.

With the exponential rise in property insurance in FL, these numbers make sense. I know several people at work whoa re going to sell their homes because they cannot afford the thrid consecutive doubling of insurance rates. I bought three years ago and insurance was $500. It was just re-adjusted to $2000 per year and my agent told me it will double again before the summer. People making on 11-14 bucks an hour can no longer afford a home where they've lived most of their life. Interest only variable APR loans won't kick people in FL the way the insurance rates will. I'm glad I bought small just in case this happened.