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Apr 14, 2008 7:06 pm US/Eastern

Foreclosure Rates Expected To Rise In S. Florida

MIAMI (CBS4) ―

It's feared we could now be approaching a several year backlog of unsold real estate around South Florida.  Making matters worse- a flood of new condos expected to hit the market over the summer.
 
For now, 2008 looks like its firmly on track to be another foreclosure record-breaker for South Florida.

Miami-Dade County has already seen 11,393 residential foreclosures filing thru the end of March with another 10,371 Broward County.

Just 3 months into the year, we've already surpassed the total number of foreclosures in 2006.

The problems remain the same of rising interest, the high cost of living and staging salaries that can't' keep up with it all.

The latest figures from Condo Vultures, a local real estate consultant finds local banks taking over 52 residential properties a day thru the quarter of 2008.

And while state and national lawmakers debate new plans to help homeowners keep their properties, there's very little intermediate relief for financially-strapped families still facing the growing pile of bills at the end of the month.

For information regarding foreclosure help visit the Federal Trace Commission (FTC) or the Federal Deposit Insurance Corporation (FDIC).

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