South Florida Foreclosuse surge reported. by geniusofdespair

"It has the potential to get very ugly." David Levin, a housing consultant in Palm Beach County.

Foreclosure crisis looms, housing analysts say. Sun Sentinel Reporter Paul Owers says:
“As the housing meltdown continues, analysts predict a surge in foreclosures this year and next that will add to the glut of homes already for sale and further depress property values that have declined since last summer.”

The article states that the Western suburbs are hardest hit with foreclosures in Palm Beach and Broward:

“... those were the areas flush with homes under construction and apartments converted to condos during the past several years.” (me: Same in Miami-Dade although we also went South, not just West).

“Many of the people who bought in the western suburbs were short-term investors looking to "flip" properties for quick profits, said Shiela Kiniry, a Fort Lauderdale lender and state director of the Florida Association of Mortgage Brokers. Now they're stuck with properties they can't sell and, in some cases, wilting under the strain of paying two mortgages.”

For one reason or another, it appears my aunt is not alone (see post below). Foreclosures are not going away anytime soon in Florida.