Home Foreclosures Forecasted to Double in 2009
Posted February 9th, 2009 by adminNearly 2.4 million homeowners nationwide have lost their homes to foreclosure since the housing market went bust a little more than two years ago and it’s nowhere near over, says real estate analyst Jack McCabe, CEO of Deerfield Beach-based McCabe Research & Consulting. “Based upon what the federal government does or doesn’t do to help troubled homeowners, South Florida foreclosure filings in 2009 can be up anywhere from 50 to 100 % over 2008.” McCabe said.
According to data from Bal Harbour-based Condo Vultures LLC, the number of foreclosure filings was up 128 % in 2008 over 2007. The filings include lis pendens, or notices of default, as well as other legal filings. Peter Zalewski, a principal with Condo Vultures, said there were 75,730 filings in South Florida during 2008, versus 33,154 in 2007.
Other organizations have slightly different numbers, but the overall trend is the same. From January through October, there were 78,676 condominium and single-family home foreclosure filings, according to data from the Florida Association of Realtors. Foreclosure filings for the tri-county area break down as follows:
o Palm Beach County: 24,091
o Broward County: 32,271
o Miami-Dade County: 22,314
“We’re looking at 100,000 to 150,000 home foreclosure filings of all kinds in South Florida during 2009, unless there is a sea change in outlook – and, so far, it looks pretty grim, McCabe said.” He cites a huge proportion of mortgages with adjustable teaser rates and payment options resetting as major challenges. Read the complete article.
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