Florida, Nevada, Arizona and California account for 46 percent of the foreclosure starts in the country, and represented 56 percent of the increase in foreclosure starts.10.6 percent of the mortgages in Florida are now somewhere in the process of foreclosure. In Nevada it is 7.8 percent, Arizona 5.6 percent and California 5.2 percent.
Looking forward, it does not appear the level of mortgage defaults will begin to fall until after the employment situation begins to improve. The unemployment rate will not hit its peak until mid-2010. It is unlikely we will see much of an improvement in mortgage performance until after that.
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