"TSUNAMI" of FORECLOSURES

"TSUNAMI" of FORECLOSURES

Foreclosures soar in South Florida in April

Job losses fuel continuing surge in South Florida foreclosures

By Paul Owers | South Florida Sun Sentinel
May 13, 2009


Broward County had 10,305 homeowners in some stage of foreclosure in April, more than twice the 4,599 in March and nearly double from a year ago, according to figures being released today by RealtyTrac of Irvine, Calif., a foreclosure tracking firm.

Broward has the state's third-highest foreclosure rate, with one in every 78 households. Only Osceola and Lee counties are worse.

Palm Beach County had 2,846 residents in some stage of foreclosure last month, nearly double the 1,509 in March and 44 percent higher than a year ago.

One in every 135 Florida households received a foreclosure filing last month, roughly three times the national average. Nationwide, it was one in every 374 households, the highest monthly rate since RealtyTrac began its report in January 2005.

"I don't think the foreclosure situation will improve until the employment picture improves" said L. Keith White, president of Reinhold P. Wolff Economic Research in Oakland Park.

South Florida's foreclosure outlook likely won't get better until late 2010, after the batch of bad loans gradually is replaced with new mortgages given to qualified buyers, said Mike Larson, a housing analyst with Weiss Research in Jupiter.

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