South Florida Real Estate Blog - Updates & Realty News

In between March and April, foreclosure filings skyrocketed by 111 percent in Miami-Dade in surged 124 percent in Broward as the region's housing problems continue to worsen.

The number of foreclosures in South Florida spiked in April from the previous month, rising in both Miami-Dade and Broward counties by triple digit percentages, as high unemployment, risky loans and plunging property values continued to affect borrowers.

Foreclosure filings soared in Miami-Dade by 111 percent between March and April, according to RealtyTrac, a private foreclosure tracking firm. Broward foreclosures surged 124 percent between March and April. Compared to April 2008, foreclosures were up around 90 percent in both counties.

Behind the sharp monthly rise is the increased speed with which lenders are filing foreclosures, said Michael Sichenzia, president of Dynamic Consulting Enterprises, a Deerfield Beach-based loan modification company.

New government loan modification guidelines announced March 4 have allowed lenders to disqualify large numbers of borrowers because they do not qualify under mathematical formulas. Several large lenders also have begun foreclosing on a backlog of cases that had been suspended as they waited for those guidelines to be announced, he said.

''The banks are making very quick decisions about who they are going to help and who they are not going to help. Over half the people who banks are trying to reach out to don't live in the houses anymore. They've walked away already. So the lenders have no option but to foreclose,'' Sichenzia said.

In Florida, Miami-Dade and Broward were among the counties with the highest percentage increases in foreclosures between March and April, ranking fourth and third, respectively. complete story

Source: Miami Hearld - Monica Hatcher

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Posted by Real Estate - Associates on May 17th, 2009 11:57 AMPost a Comment (0)

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