FORECLOSURES IN BROWARD COUNTY, FL.

Once again, the local paper has a major article in today's edition explaining the rise in foreclosures in 2008 versus 2007.  The article said that the number of homeowners in some stage of foreclosure rose 128% during 2008, i.e. was 47,387 in 2008 versus 20,805 in 2007.  Worse, the article goes on to predict that any improvement (meaning reduction) in these numbers can't be expected until 2010.  Broward county has the nation's 6th largest annual foreclosure rate.  Those of us working the business know that the inventory is dominated by foreclosures & their cousins, the short sale properties.  Still, it's shocking to read. I intend to make copies of this article to support my position when talking about the local market with area homeowners.