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Southern Florida, California Markets Look Vulnerable.
NEW YORK -- Foreclosures in the sunniest spots in the country - South Florida and South California - are rising rapidly with no slowdown in sight, according to real estate research firm for foreclosure properties Default Research.
Default Research's studies show that the number of foreclosures has been rising in South Florida since January 2006, with Broward County, where foreclosures are up 50%, leading the other key counties.
"People who have been reading our market research analyses know that increased foreclosure activity has been a common trend in South Florida over the last year - unfortunately Broward County has been the hardest hit," said Serdar Bankaci, president and CEO of the Mt. Pleasant, Pa.-based Default Research.
Broward leads South Florida with the most foreclosure activity, but Palm Beach and Miami-Dade are not far behind. Palm Beach is second with 37% and Miami is a close third at 30%. According to data obtained by Default Research, the double-digit increases that started back in May of 2005 do not show any signs of cooling off anytime soon.
"Investors are shying away from the Eastern coast and focusing on the Gulf coast, which has seen significant decreases in 2006," added Mr. Bankaci.
In addition to South Florida, the number of foreclosures ...
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Source: HighBeam Research, Southern Florida, California Markets Look Vulnerable.