Florida has over 500,000 pending foreclosure cases!

[G. F.]

There is so much chatter about how the market is improving (case-shilling up, consumer confidence up, etc...). I think for Florida and many other area's, it's only half time.

If this article (http://www.dsnews.com/articles/florida-courts-petition-for-nearly-10m-to-clear-foreclosure-backlog-2010-03-30) is to be believed, there are over 500K pending foreclosures in the Florida court system.

If you add in the backlog of delinquent cases that haven't made it into the court system, strategic defaults, additional defaults from a record 12+% unemployment and 8+% underemployment, Option ARM reset, the end of the Fed MBS purchase (which could trigger interest rates to go up 250 basis points = less qualified buyers) and the end of the tax credit (why they would allow both of these to end at the same time puzzles me); I see a lot of hurting to come.

I would like to know what everyone thinks about the current state of the real estate market overall and what is going on in their market.