South Florida Real Estate Blog - Updates & Realty News

August 14th, 2009 8:47 PM

Broward County continues to be one of Florida's hardest-hit areas when it comes to foreclosure, but the problem isn't nearly as severe in Palm Beach County.

Broward had 8,510 homeowners in some stage of foreclosure last month, up 44 percent from July 2008, according to data being released Thursday by RealtyTrac Inc. of Irvine, Calif. Broward had the state's third-highest foreclosure rate in July and is consistently among the top five.

In Palm Beach County, though, foreclosure filings dropped 24 percent last month from a year ago, to 2,652.

Housing analyst Brad Hunter of Metrostudy in West Palm Beach said foreclosures due to subprime mortgages appear to be easing. He expects a brief lull before the pace picks up again in the months ahead as borrowers with once-stellar credit lose their jobs.

Nationally, the number of households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage. complete story

Source: Sun Sentinel - Paul Owers

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Posted by Real Estate - Associates on August 14th, 2009 8:47 PMPost a Comment (0)

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