Word: floridas
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...help comes none too soon, as the Florida housing market, particularly in the tri-county area of Miami-Dade, Broward and Palm Beach counties, founders under the weight of tens of thousands of foreclosures. And the problem is only getting worse. (Read Exclusive Mutual Funds Reopen for Business...
...number of REOs is skyrocketing. The first three quarters of 2008 show a spike of 190% in REOs in the South Florida tri-county area, according the real estate consultancy firm, Condo Vultures of Bal Harbour. The number of Miami-Dade properties turned over to lenders by the courts so far this year is 8,656. That's up 188% from last year's total of 3,009 during the first three quarters. Similar spikes occurred in Broward County, with a 215% hike, from 2,339 to 7,370. Palm Beach County saw an increase of 145%, jumping from...
Still, those numbers are just a portion of the overall foreclosures in South Florida. Peter Zalewski, founder of Condo Vultures, projects that nearly 75,000 properties in the tri-county area will slip into foreclosure this year, up from 33,154 last year...
...moratorium ultimately may help the banks, particularly if it decreases the number of REOs they must contend with. By staving off foreclosures the banks also benefit when it comes to condos because in Florida the lender has to settle up condo fees for the past six months when they take a property into receivership...
...Realtor Association of Greater Fort Lauderdale. That's good for those who have money in their pockets or access to credit. While homes in the area may be more affordable, some potential buyers are having trouble coming up with the money to purchase them. But for now, Florida's governor would be happy to help homeowners find a way to afford what they've already bought...