Florida was the state with second highest rate of foreclosures last year according to new figures, something that may interest investors in the Florida property market.

Data from foreclosure dealers RealtyTrac in its end of 2008 report showed that overall, the number of foreclosures across the US was up 81 per cent on 2007, with 1.84 per cent of all homes receiving at least one foreclosure filing.

In Florida, however, the figure was up at 4.52 per cent, a rise of 133 per cent on 2007 and a total of 385,309 homes.

Only Nevada had a higher rate of repossessions and California was the sole state with a higher total.

Such statistics suggest that those looking for Florida property may have a large number of potential bargains to acquire.

Earlier this week director of the portal Property Abroad Les Calvert stated that the Orlando Foreclosures Expo next month will help investors find cheap Florida property.

He remarked that one of his contacts managed to acquire an "absolutely incredible bargain" when he picked up a four-bedroom, two-bathroom villa near the Disney resort for $64,000 (£44,000).

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