South Florida Foreclosures Continue To Increase

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Broward County Mortgage Suits Top 4,500

Default Research (http://www.defaultresearch.com), the premier provider of South Florida preforeclosure listings, is reporting that 11,715 South Florida lis pendens related mortgage foreclosures were recorded in August 2008; this is up nearly 280 percent from August 2007.

"The South Florida real estate market is continuing to struggle," said Serdar Bankaci, founder of Default Research. "Median prices have been slowly coming down while inventories have remained relatively constant. Approximately 2.64 percent of South Florida homes are facing foreclosure which is very close to the national average of just above 2 percent."

However, the news is not all bad in South Florida. Although 97 percent of the Default Research listings are residential and that segment is still weak, the commercial markets seem to be doing well.

"We have noticed positive signs in the commercial markets and also from the foreign investors," said Bankaci, whose foreclosure lists arrive two to three weeks ahead of the competition. "South Florida is unique in that it attracts buyers from around the world. With our fresh and accurate lists, realtors and other real estate professionals should target money from abroad to complete deals and pitch the discounted properties as investments."

Below is a unique and accurate local look at how the Default Research foreclosure statistics (August 2008) affect your area:

Broward County Foreclosures - Hardest hit cities are Coral Springs (567), Fort Lauderdale (428), Miramar (388), Hollywood (354), and Pompano Beach (326)

Miami-Dade County Foreclosures - Hardest hit cities are Miami (2171), Homestead (447), Hialeah (446), Miami-Beach (180), and Doral (123)

Palm Beach County Foreclosures - Hardest hit cities are West Palm Beach (738), Lake Worth (368), Boca Raton (320), Boynton Beach (263) and Delray Beach (202)

If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc@defaultresearch.com. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed South Florida foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

Since 2004, Default Research has been providing the freshest and most accurate foreclosure data and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our foreclosure lists two to three weeks ahead of the competition. The Default Research difference gives our clients a clear advantage in being the first to approach and help homeowners in distress. With the tremendous increase in foreclosure activity in the United States, Default Research prides itself on teaming up savvy real estate investors with struggling families to create a partnership that benefits both sides.

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Josh Chernikoff
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