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Home owners in Florida’s Palm Beach County are going through the usual motions related to Boca Raton bank foreclosures. There is no respite for the homeowners as Florida bank foreclosures have tightened their noose. The foreclosure rate went skyrocketing in 2007 and recorded one per 45 households according to the county clerk’s office. This is almost thrice of what was recorded in 2006 when the rate was one per 128 homes.
This means that real estate in Palm Beach County will take a huge hit and there may be market meltdowns. According to the county clerk’s office, Palm Beach County recorded 13,962 filings for foreclosure in 2007 as compared to just 4,831 filings for foreclosure in 2006. This is a straight increase of 189%. As a result, there has been a tremendous increase in the total number of Boca Raton foreclosure homes.
Although the rate of foreclosure plunged in the early part of 2007 in Palm Beach County, but by the middle of the second quarter it gained enough steam to add to the total number of existing Florida foreclosure homes. According to Jack McCabe of McCabe Research, Florida Mortgage Buyers are not solvent enough to carry their houses with a negative cash flow for months on end; they’re choosing to turn in their keys.
Most of the home builders in Florida blame the ballooning interest rates for the increasing number of foreclosure homes in the state. Whether it is the interest rate or a bad loan; either ways at this rate, bank foreclosures across Florida will cause a negative impact on the overall real estate market in the state. This is not at all good news for homeowners in Florida who are looking to find the best possible way out of homes in foreclosure and would expect the administration in the state to help them out of this mess.
More Resources
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