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More than 100,000 homeowners in Broward and Palm Beach counties faced foreclosure last year, up 42 percent from 2008, RealtyTrac Inc. said Thursday.

The outlook for 2010 appears just as grim as residents struggle to make mortgage payments amid job losses and salary cuts.

Broward County had 69,633 borrowers in some stage of foreclosure in 2009, compared with 47,387 in 2008. Broward had Florida's fifth-highest foreclosure rate, at one in every 12 properties.

In Palm Beach County, 30,870 homeowners received a default notice during 2009, compared with 23,399 in 2008. One in every 21 Palm Beach County homes was in some stage of foreclosure.

For the year, Palm Beach, Broward and Miami-Dade counties had the nation's 10th-highest foreclosure rate among metro areas with populations of 200,000 or more.

"There are not any indications that the foreclosure picture will be any different in 2010 than it was in 2009," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach. "The unemployment rate doesn't do justice to the number of people working part time instead of full time or those who have been re-employed at a significantly lower rate of pay." complete story

Source: Sun-Sentinel.com - Paul Owners

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Posted by Real Estate - Associates on January 15th, 2010 11:02 AMPost a Comment (0)

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