Florida hit hard by foreclosure pain

Florida and fellow housing sufferer California continue to drive up the national average of foreclosures. In the first three months of this year, Florida held 8 percent of outstanding loans but accounted for 15 percent of foreclosure starts, according to a report released Thursday by the Mortgage Bankers Association. Subprime adjustable-rate mortgages represent 6 percent of outstanding loans but 39 percent of new foreclosure cases. The Sunshine State reported 77,000 foreclosure starts in the first quarter of this year. Home equity: The equity Americans have in their homes has dropped to its lowest level since the end of World War II — 46.2 percent in the first quarter — the Federal Reserve said.

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