Feb 27, 2008 3:50 pm US/Eastern
A Miramar Street Lined With Homes In Foreclosure
MIRAMAR (CBS News) ―
South Florida's housing slump is the worst in at least 30 years, and analysts don't see the market improving before 2009. Last month, 2,745 Broward homeowners were notified by their lenders that their homes would be taken back, triple the 949 from a year ago.
Like many residents on Ramona Street in Miramar, Jerry has seen his property values increase during the real estate boom. But now he notes, "We are about half of the $300,000. All we can get now is cut in half."
Foreclosures have hit this street hard. In the last year, 9 of the 37 homes on Ramona are in or near foreclosure. Homes have been left in disrepair. Windows are boarded up and the whole neighborhood suffers.
"Right now, it's bad on the street, but I am hoping for a good future," said resident Constantino Hernandez.
The number of homeowners facing foreclosures more than tripled in South Florida last year. Many people are overwhelmed when their adjustable-rate mortgages reset much higher.
"With the job market being so slow, people are losing their homes," observed Gus Zambrano, a director of economic development and revitalization.
Miramar city officials compare what's happening on Ramano Street to that of a perfect storm, hoping it passes without leaving much more damage.
Last year, Miramar started a foreclosure prevention program which allowed homeowners to borrow up to $10,000 from the city if they need help because of unforeseen circumstances like losing a job or death of a spouse.
But while the foreclosure crises continues, Miramar city officials say they'll continue to educate people about the dangers of adjustable-rate loans and mortgages that might not be in a homeowner's best financial interest.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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