Bill Nelson: “Floridians are hurting-- foreclosures are skyrocketing. According to one estimate, at the end of March 2008, Florida had…”

“Floridians are hurting-- foreclosures are skyrocketing. According to one estimate, at the end of March 2008, Florida had nearly 200,000 properties in foreclosure. In the first quarter of 2008, Florida had the second highest total of foreclosures, nationwide--up 17 percent from the previous quarter and 178 percent from last year. Statewide, one in every 97 households received a foreclosure filing. In May, Cape Coral Ft. Myers, Florida, had the second highest foreclosure rate in the Nation, with one in every 79 homes receiving a foreclosure filing. This crisis isn't limited to subprime mortgages or risky borrowers--it destroys the value of entire communities. The ripple effect translates into big losses for the State's economy--an estimated $35.9 billion decrease in home value and tax base in Florida. I rise to discuss a bipartisan amendment that have filed with my colleague from Minnesota, Senator Coleman. This amendment provides commonsense relief to homeowners trying to stay in their homes and avoid foreclosure.”