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Jul 3, 2008 5:51 pm US/Eastern

Foreclosures Double In Miami In 2nd Qtr.

Nearly 27-Hundred Properties Foreclosed On

MIAMI (CBS4) ― South Florida's foreclosure crisis deepened in the second quarter.

Real estate tracker Propertyshark.com is reporting that the number of foreclosures in the Miami area doubled through the second quarter of the year. In the second quarter of this year, the Miami area saw 2,677 properties go into foreclosure compared to 1,282 properties for the same period last year.

While the numbers are distressing, South Florida's foreclosure rate paled in comparison to Los Angeles which quadrupled in the second quarter.

Defaults on sub-prime loans were a major contributing factor to the increase as financially strapped homeowners failed to keep up with the rising payments of the adjustable rate loans.

The real estate tracking firm also noted that the number of properties pending foreclosure have also risen; 63 percent in Los Angeles, 28 percent in Seattle and 20 percent in Miami.

The city of Coral Springs set up a hotline to help people in the area who might be facing foreclosure. Call (954)-344-1055, or go to coralsprings.org