South Florida Foreclosures

South Florida foreclosure experts are busier now than they have been in years.

20 years ago there were about 50 foreclosures a week in Broward County.

Currently Broward County has about 1,200 home foreclosures per week. Foreclosures have gone through the roof lately, and there are darker days to come.

As little as two years ago, Broward County, home to 1.8 million people, and Miami-Dade County were choice locales for Real Estate investors looking to make money on high priced condominiums.

But, when rising adjustable rate loan payments started going up, and when the housing bubble burst, things started to get worse.

South Florida has been severely affected by the foreclosure crisis. Housing prices have been plummeting and over 11,000 people filed bankruptcy in 2007.

Experts say that many homeowners will turn to bankruptcy as the only option to stopping foreclosure.

It’s only going to get worse with experts predicting that in 2008 Broward County alone will have 2,000 foreclosures per week.

The recent rise of foreclosures has caused Broward and Miami-Dade courthouses to add a third day of foreclosure auctions per week to its schedule.

Since the state bankruptcy laws changed, the 2007 total pales in comparison to the record 36,000 bankruptcies in 2005. However, some speculate that a sluggish economy could shatter the 2005 record.

However, one man’s trash is another man’s treasure.

Real estate experts have been holding real estate investment classes with as many as 20 students per session.

In South Florida and other foreclosure prone areas, foreclosure bus tours have carried investors to dozens of properties per weekend.

As a result of the foreclosure crisis, the bankruptcy lawyers in South Florida have been busier than they have been in decades.

Sadly, they are just going to get busier, since most people facing foreclosure see bankruptcy as their only option.

Bankruptcy firms are processing about 3 new bankruptcy applications per day.

“Property Flipping” has left many investors holding properties that they no longer can afford, and they see bankruptcy as the only way out of foreclosure.

However, many experts say that the worst of the foreclosure crisis has yet to be seen.

Estimates say that the real estate crisis will cause a halt on building production therefore causing many construction workers to be out of work.

The entire food chain of the real estate business is being affected except for the bankruptcy attorneys.

Homeowners facing foreclosure should know that they have more options available.

For more information, review the following websites:

Stopforeclosurecenter.com
Foreclosure-solutions.biz
Foreclosure-help.biz
Lewisstates.com