Miscellaneous

MIAMI (CBS4) ― Miami-Dade foreclosure filings for 2007 was a record 168 percent over last year. In Broward, it was a record 160 percent increase over 2006. 

The total number of property defaults reached 26,338 compared to 9,814 last year in Miami-Dade.

In Broward, the numbers in 2007 were 23,476 compared to 8,995 last year.

Attorneys and experts say a single foreclosure on a street has serious economic impact. George Castrataro, an attorney with Legal Aid Services of Broward County, offered some sobering statistics:

* Legal Aid cites that the damages to the economy stretch beyond just home values and wealth. The real estate collapse has also led to job losses. Since March 2006, the housing business has cut 383,000 jobs. Jan Hatzius, chief U.S. economist at Goldman Sachs, predicts more layoffs due to the fact "You still have a million jobs that aren't really needed anymore due to the downturn in housing."

* According to a recent study by the Center for Responsible Lending, foreclosure impacts are far reaching:

* 44.5 million neighboring homes will experience devaluation because of sub prime foreclosures that take place nearby.

* The total decline in house values and tax base from nearby foreclosures will be $223 billion.

* Homeowners living near foreclosed properties will see their property values decrease $5,000 on average.

* The center based its findings on research that says a single foreclosure decreases nearby home values by an average 0.9 percent, but additional foreclosures have a cumulative effect. Each additional foreclosure on the same block strips home values by an additional 0.9 percent. And the impact is higher in lower-income neighborhoods, where a foreclosure reduces nearby home values by 1.44 percent.

And that's not to mention the loss of tax revenue used to pay for schools, police officers and firefighters. Castrataro believes to stem the tide of foreclosures it is crucial for government, non-profit agencies and the private sector to work together providing education, counseling and in the worst cases, grants for people facing foreclosure.

There are several efforts underway:

Legal Aid is leading the effort in Broward County. They are asking elected officials from county government and municipalities to create a panel to study the problem and craft a plan to deal with the crisis.

The city of North Lauderdale created a new position to assist homeowners dealing with foreclosure.

And the largest effort is being coordinated through the National Association of Consumer Advocates. They will manage a program created by the Center for Responsible Lending. They have received a $15 million grant that will be divided among groups across the country that provide legal representation to people and families affected by foreclosure. Look for them to begin work next year.

For now, though, if you are behind in your mortgage payments and anticipating a foreclosure action, attorneys and experts say there are several steps you should take right away.

First, determine if you can afford your home. If not, begin the process of selling it and trying to salvage any equity you have.

If you want to keep your home, contact your lender. It's possible they will work with you to modify your loan. You might also want to contact a local non-profit agency or attorney for help.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)