Image via WikipediaAccording to RealtyTrac, foreclosures surged last month in Palm Beach County. The county had 3,759 homeowners in some stage of foreclosure in July, up 77% from June and 42% from a year ago. Palm Beach County had the 11th-highest foreclosure rate of Florida’s 67 counties. Normally, its ranking is in the low-20s.
Broward County had 6,471 foreclosure filings in July, down 24% from a year ago and up 5% from June. Broward had the state’s fourth-highest foreclosure rate.
Florida continues to be a hotbed for troubled borrowers. One in every 171 Sunshine State homeowners received a filing last month.
Still, many more ultimately will go back to the banks. And analysts say it's these bank-owned homes that could push overall inventory levels higher and hurt the housing market's recovery.
Florida continues to be a hotbed for troubled borrowers. One in every 171 Sunshine State homeowners received a filing last month.
Still, many more ultimately will go back to the banks. And analysts say it's these bank-owned homes that could push overall inventory levels higher and hurt the housing market's recovery.
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