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The St. Petersburg Times reported this past Sunday, March 20, 2011, that Florida ranks 2nd in the country "in the length of time from missing a mortgage payment to the end of the forclosure process, defined as when the bank takes possession". The average foreclosure process in Florida takes 638 days and is second only to New York's 664 days! That's 21 months of no mortgage payments before you are booted out of your house.
It is anticipated that with 2.2 million foreclosures now delinquent by 90 days these timeframes will continue to grow.
The Tampa Tribune today, March 21, 2011, reported in its editorial page that between January 2010 and January 2011, the Florida construction industry lost 24,000 jobs and that nationwide the unemployment rate in the construction industry is a whopping 21.8%.
Is it any wonder that banks are not making development loans in the Tampa Bay area. We still have a long dark tunnel before we see any large scale development in the residential, commercial or industrial markets here in Pasco County and throughout the Tampa Bay area.