October 21, 2007
Financial Hurricane Hits Florida
GE Money Home Lending subsidiary, British Mortgages Abroad has stopped taking new mortgage applications on properties in Florida. Clearly a comment on the Florida market, Mark Maguire, spokesperson for GE Home Lending UK, said, “It’s not a comment on the Florida market.”
Who he thinks he’s kidding is beyond me. Why not just be honest and say “We are pulling out of the Florida market because of the amount of recent foreclosures and price drops.”?
Florida saw over 25,000 foreclosures last month alone. All in all, things are not looking rosy for the US market in the short term and Florida has been particularly heavily hit by “Hurricane Mortgage.”
Filed under U.S.A by Mark Knowles
Comments on Financial Hurricane Hits Florida »
[...] Financial Hurricane hits Florida [...]
[...] recently covered news from another British company, British mortgages Abroad who announced a decision recently to withdraw completely from the Florida mortgage [...]
[...] discounts, particularly in markets traditionally bought into by Brits, such as Las Vegas and Florida, the opportunity to pick up a bargain seems too good to miss at the moment. KB homes in Las Vegas, [...]