Gulf Oil Spill Could Devastate Florida’s Fragile RE Market

The oil spill in the gulf could wreak havoc on an already weak Florida housing market. As of now, over 80% of all loans in Florida are underwater. In fact, half of all private label mortgages are at least 60 days delinquent, according to Fitch Ratings

With unemployment settling at over 11%, the oil spill threatening to do serious damage to the coastline and fishing industry, and hurricane season heating up, Floridians are in for a rough couple of months.

It should be noted, however that it remains to be seen how much damage the oil spill will do as well as how serious the hurricane season will be.