Foreclosure Sales in Broward County Up 500%
South Florida Sun-Sentinel reports: For the month of April 2008, scheduled mortgage foreclosure sales in Broward County hit 2,568, a more than 500% increase over the 426 in April 2007, according to Realestat.com, a Plantation-based research firm.
In Palm Beach County, there were 785 scheduled sales in April, a 370 percent increase over the 167 from a year ago.
In April, there were 3,150 delinquent property owners in Broward, up from 1,135 last April, according to Realestat.com. Palm Beach County had 1,984 people facing foreclosure, up from 814 a year ago.
Reasons given by report for this spike in foreclosures:
1. Home sales have slowed;
2. Refinancing is difficult in many cases because of falling home values;
3. Adjustable-rate mortgage resets; and,
4. Deteriorating economy leading to significant job losses across the region and hindering homeowners from paying their mortgages.