An avalanche of foreclosures in California and Florida
California Housing Crash, Florida Housing Crash, The Economy, Real Estate July 11th, 2008
If you thought that the housing market couldn’t get any worse, you get wrong. The Sun Sentinel reported this:
Florida foreclosures up 92 percent
Home foreclosures continue to multiply in South Florida and the rest of the nation, and analysts say the crisis likely won’t ease until next year at the earliest.
“Between falling home prices and the weak economy, there’s little hope for any improvement on the foreclosure front in 2008 and likely into 2009,” said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach.
In Palm Beach County, there were 1,936 people facing foreclosure in June, nearly double the 1,005 during June 2007, according to Realestat.com, a Plantation-based research firm.
Broward had 2,806 homeowners on the verge of foreclosure last month, up from 1,484 a year ago.
California had the most total filings for the 18th consecutive month, increasing 77 percent in June from a year earlier to 68,666. Florida was second at 40,351 filings, an increase of 92 percent, and Ohio was third at 13,194, an increase of 11 percent.
Foreclosure activity is the highest since the Great Depression of the 1930s, said Rick Sharga, RealtyTrac’s vice president of marketing.
