Florida Mortgage Meltdown Statistics: An Overview 2000 - 2012

The Florida housing market rode along on a once-in-a-century bubble from early 2000 - 2006. Towards the end of '06 & beginning of '07 there were upwards of 90,000 licensed mortgage professionals in the state of Florida (with many more people, unlicensed, working for mortgage related entities). When the bubble ultimately burst, it resulted in unprecedented carnage in the mortgage industry, a decline in housing values, and Depression Era levels of employment and economic stagnation in Florida. The graphic below illustrates these comparative data points. 

The hyper-legislative knee-jerk reaction partaken by the Government as a  reaction to prevent future systemic Financial System related economic collapses resulted in a series of sweeping legislative actions meant to tighten up areas such as: appraisal management, minimum credit/lending requirements, revisions to consumer protection laws & stricter professional licensing requirements.  

The economic/housing depression in Florida, combined with higher licensing standards and tremendous compliance and regulatory pressures,  has resulted in a mass exodus of licensed entities and professionals from the industry. The impact on the consumer has been higher loan origination costs and an increasingly alarming inability to access new mortgage products made available by the government to assist underwater homeowners.

For example: How many people are actually able to refinanceand take advantage of the new HARP 2.0 Lenders? or the FHA Streamline Refinance Program?  Most lenders don't participate & the consumer has no one to turn to. Whether the mortgage industry in Florida will recover remains to be seen.

Please send comments, questions to: FloridaMortgageMeltdown@FoundationMortgage.Net 


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