Lisa Simpson
Jun 22,2009
In: Foreclosed Homes

Foreclosed Homes in Broward County

Palm Beach

Broward County is in Florida – the second most populous county in the state. Broward County together with two others comprises the region known as South Florida Metropolitan area. Within Florida it led in agricultural production as well as services. Since the mid 70’s the southern regions of Florida have been undergoing massive development and this has led to closing down of farming sectors.

Broward County grabbed the limelight during the controversy raging over the Presidential elections in 2000. Today foreclosed homes in Broward County are grabbing the headlines in another way. Foreclosed homes have been triggered directly by the sub-prime mortgage meltdown that led to a housing crisis affecting the development sector. In a chain reaction foreclosed homes in Broward County has led to job losses miring the economic climate. Foreclosed homes in Broward County continue to rein and rule in increasing numbers despite various measures being taken at governmental, state and local levels.

Optimism about recession easing is dampened by the mounting number of foreclosed homes in Broward County. Report published in South Florida Sun Sentinel show that there were 10,305 foreclosed homes in Broward County in April 2009. The number is twice that of April 2008. The figures of foreclosed homes in Broward County have been released by RealtyTrac.

The number of foreclosed homes in Broward County makes the county rank third in the state with a foreclosure rate of 1:78. Osceola and Lee Counties are in a worse position than Broward.

In April in Florida out of 135 houses one has received a foreclosure notice – it being about three times more than the national average. The national foreclosure rate is 1:374. According to RealtyTrac this is the highest since this firm started tracking from 2005.

Experts have explained this sudden spurt in foreclosures to lenders aggressively following the process after expiry of the moratorium months. The banking lobby was waiting and watching to see what measures the new Obama government would take to tackle the problem. The federal government has recently launched in March 2009 a rescue plan entailing $75 billion; the details are being laid out.

In Scottsdale, Arizona the National Short Sale Center had predicted that a kind of tsunami of over a million foreclosures is expected to hit the country in the second quarter.

It is unlikely that the outlook of South Florida including Broward County will improve until towards the end of 2010. It is hoped that by that time the bad loans would be replaced by new mortgages.