MT. PLEASANT, Pa. -- Default Research, a provider of foreclosure real estate data in South Florida has reported recently that the number of suits pending as a prelude to foreclosure proceedings in Broward, Miami-Dade and Palm Beach saw decreases of 10%, 6% and 3%, respectively. According to Default Research (www.defaultresearch.com). Broward was the hardest hit region in South Florida with 2.22% of homes entering the foreclosure process.
"It looks like prices have begun to stabilize, although inventories are still climbing," said Serdar Bankaci, founder of Default Research. "I believe we are approaching the real estate bottom in South Florida." What's aided the slight recovery, said Default Research, is the fact that that particular area of the Sunshine State is very attractive to international investors willing to spend their money from abroad. "With the weakened dollar and the housing slump, these properties are a hot commodity for the international investors coming from Latin America, Canada and Europe. We may see these markets rebound by the end of the year," Bankaci added.
The hardest hit areas in Broward County include Hollywood (165 foreclosures), Fort Lauderdale (164), Miramar (137), Coral Springs (132) and Pembroke Pines (129). In Miami-Dade, Miami (665), Homestead (119), Hialeah (83) and Miami Beach (42). The hardest hit areas include West Palm Beach (310), Lake Worth (161), Boca Raton (143), Boynton Beach (124) and Delray Beach (72).
