South Florida Foreclosures Up Over 195 Percent in 2008

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Nearly Five Percent of Miami-Dade Homes in Some Stage of Foreclosure.

Default Research (http://www.defaultresearch.com), the premier provider of South Florida pre foreclosure listings, is reporting that South Florida lis pendens, including Broward, Miami-Dade and Palm Beach counties, topped 101,000 in 2008. Miami-Dade led the region with 47,672, followed by Broward at 37,446, and Palm Beach reaching 16,743.

"Foreclosure activity actually leveled off in the fourth quarter of 2008 for the South Florida region," said Serdar Bankaci, founder of Default Research. "However, we expect to see foreclosure activity remain relatively high until the third or fourth quarter of 2009."

Overall in 2008, Miami-Dade County had 4.91 percent of households entering foreclosure, followed by Broward at 4.66 percent, and Palm Beach with 2.62 percent. Although the region has been one of the national leaders in terms of foreclosures over the last several years, Bankaci expects the area to bounce back very quickly when the economy recovers.

"We look forward to to seeing the effects of the federal government's bailout package and interest rate cuts trickle down into the South Florida economy by the end of 2009," said Bankaci, whose daily pre foreclosure lists are e-mailed directly to real estate professionals in the region. "As the general economy booms, we will see South Florida heat up because it is always a hot vacation spot and, when people are less hesitant to buy and credit becomes more readily available, foreclosures will offer great deals."

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

Broward County Foreclosures - Hardest hit cities are Fort Lauderdale (360), Miramar (271), Hollywood (257), Pompano Beach (248), and Pembroke Pines (232)

Miami-Dade County Foreclosures - Hardest hit cities are Miami (2622), Hialeah (589), Homestead (414), Miami-Beach (166), and Miami Gardens (154)

Palm Beach County Foreclosures - Hardest hit cities are West Palm Beach (457), Lake Worth (275), Boca Raton (198), Boynton Beach (189) and Delray Beach (96)

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 pre foreclosure data and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our pre 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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