Foreclosures hit close to home for South Florida residents

According to an ongoing online survey by the South Florida Business Journal, nearly half of participants were “experiencing foreclosure or knew of a neighbor or someone on their block facing that situation.”

According to Realty Trac data, approximately one-third of all South Florida home sales during the second quarter of 2010 were foreclosures.  This represents a 7 percent increase compared to the first quarter of the year.  Industry experts anticipate foreclosures to temporarily stabilize before the next wave of adjustable-rate mortgages is due to reset in the next year to 18 months.