Home  News Local News Foreclosures soar in South Florida
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Foreclosures soar in South Florida |
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Thursday, 17 July 2008 |
Over 11,500 homes went into the dreaded foreclosure during the month of June, according to RealtyTrac foreclosure data. Broward County is one of the hardest hit with foreclosures for one in every 127 homes, ranking third in the state for the number of foreclosures. Broward recorded 6,292 foreclosed homes last month, an increase of 68 percent over June of last year, and 47 percent over May of this year.
Despite recording 5,289 foreclosures in June, Miami-Dade saw an increase of only 4 percent over last year, and 9 percent over May this year. Foreclosures in the county represent one out of every 180 homes, which ranks Miami-Dade seventh in number of foreclosures across the state. Overall, foreclosures in the state of Florida increased by a whopping 39 percent in June compared to a year ago.
It is feared that worsening economic conditions, including layoffs by several state and regional employees could see the mortgage default rate worsening. However, there could be some relief in sight for homeowners struggling with mortgage payments.
Last week, the U.S. Senate voted 84 – 12 to approve the go-ahead of a mortgage rescue plan estimated at $300 billion to help thousands of beleaguered homeowners across the country. Under the plan the Federal Housing administration would back new loans to enable struggling borrowers to obtain more affordable fixed rate mortgages. However, the plan has still to face leaders in the House of Representatives and President Bush has threatened to veto the measure. Moreover, with the government having to recently move in to assist Fannie Mae and Freddie Mac, mortgage loans guarantors, this could affect the final approval of the bailout measure.
Jacquie McLean, a Broward resident says the stress of possible foreclosure is driving her insane. McLean, her husband Ray, and her eldest son, Sean, have been working full and part time jobs to ensure that their $1,778 monthly adjustable mortgage payment is paid on their Plantation home. But Ray recently was recently laid off his $800 a week electrician job with a construction company, and the mortgage payments for June and July have not been paid. “We need help badly. I only hope the government will be able to bail out people like us, who want to pay, but just can’t meet the payments,” McLean said.
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