S. Florida Foreclosures Marks a Rise

A RealtyTrac report unveiled on Thursday uncovered that foreclosures has been unceasingly destroying South Florida's housing industry, with one out of every 30 homes reporting to be in a state of affliction.

RealtyTrac of Irvine, Calif., a foreclosure research company has posted that foreclosures accounted for nearly 34.6% of the county's net home sales in the first quarter, accounting for the highest proportion in Maryland, with Washington County tagged as the only other county posting more than 25%.

Prince George's total 881 foreclosures witnessed in the quarter was high, compared to the next county, Montgomery, which recorded 704 filings.

The time between January and June witnessed 95,357 foreclosures in South Florida, recorded to have marked a rise of 9.5% compared to the same six-month period in 2009.

The Irvine, Calif., augured a negligible improvement in the last six months of 2010 -- more than 3 million homes nationwide are forecasted to fall victim to foreclosure this year, pushing home prices further down.

In Miami-Dade County, 38,395 properties were recorded to be in foreclosure between the months of January and June, registering a hike of 11.5% compared to the same period the previous year, uncovers RealtyTrac's Midyear
2010 U.S. Foreclosure Market Report.

Jack McCabe, Chief Executive of McCabe Research & Consulting in Deerfield Beach, quoted, “We're not going to see any stability in our housing markets, until these distressed properties wind their way through the system”.