South Florida Foreclosures Up Over 325% From October 2007

November 19, 2008 1:07 p.m. EST

Mt. Pleasant, PA (AHN) - Pre Foreclosure statistical analysis company Default Research says South Florida foreclosures are up 325 percent from October 2007, with Miami-Dade County leading.

However, there was a bright side to the news, in that the area also saw a one-month decline in foreclosures from September this year to October.

"Our statistics show that foreclosures are beginning to level off in the region," Serdar Bankaci, founder of Default Research said in an emailed statement. "Inventories in the region have been falling for the past few months, and that should result in home prices starting to stabilize by the New Year."

According to Default Research, Miami-Dade County had 5,886 new mortgage foreclosures recorded in October, followed by Broward with 4,099 and Palm Beach with 3,051.

Default Research is also optimistic that the recent election of Barack Obama will help South Florida's economy.

"It was obvious during the election that Floridians, and Americans in general, were worried most about the economy. If the economy can rebound in South Florida, the real estate industry there will also see a spike," Bankaci said.

But that would also require incomes high enough to qualify for mortgages. House prices might have to come down more to meet wages, which have remained stagnant or declined in recent years.

Further complicating the situation are the continued job losses, which leave many people without an income. In addition, Florida, like the rest of the nation, has more housing units than there are households to live in that housing. Nationwide, the housing glut amounts to 24 million more housing units than there are American households - of one or more persons.

Here is a look at the Default Research October 2008 foreclosure statistics for three South Florida counties:

• Broward County Foreclosures - Hardest hit cities are Fort Lauderdale (488), Hollywood (387), Miramar (380), Pompano Beach (321), and Pembroke Pines (310).
• Miami-Dade County Foreclosures - Hardest hit cities are Miami (2980), Hialeah (679), Homestead (602), Miami-Beach (235), and Doral (185).
• Palm Beach County Foreclosures - Hardest hit cities are West Palm Beach (796), Lake Worth (406), Boca Raton (370), Boynton Beach (333)and Delray Beach (203).