HOUSTON — Florida is so deep underwater in foreclosures that Fannie Mae has a special division devoted primarily to aiding the beleaguered state.
Lori Cockrell, senior business manager at Fannie Mae, admitted she could not help referring back to Florida during a session at the African American Credit Union Coalition's annual meeting. Loan losses in the Sunshine State have more than quadrupled since 2006. A home bought for $350,000 about five or six years ago would probably be worth half that today, she said.
"There was a seven year and growing supply of housing in Florida. Today, there's no demand for these vacant homes," Cockrell said. "Florida, California and Nevada have been tricky."
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