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Palm Beach County foreclosures triple in 2007
Palm Beach Post Staff Writer
Wednesday, January 02, 2008
WEST PALM BEACH — Foreclosure filings in Palm Beach County nearly tripled in 2007 compared with the previous year, according to figures from the Palm Beach County clerk's office.
There were 13,962 filings in 2007, compared with 4,831 in 2006, the figures show.
The
number of filings rose steadily throughout both years, starting with
247 filings in January 2006, and ending with 1,644 filings in December
2007.
A mortgage crisis that produced tightened credit, adjustable
rate-loan resets that produced higher mortgage payments and the end of
the housing-boom, which produced falling home prices, saw many
borrowers become "upside down." This meant they owed more than their
houses were worth, making it impossible to avoid foreclosure by selling.
Most housing experts expect things to get v en worse, before they
get better. Late last month, National Association of Home Builders
chief economist David Seiders said rather than bringing an end to the
worst housing slump in 16 years, 2008 will simply be "another down
year." "We really are in a danger zone," Seiders said. "We'll be
looking at further erosion in house values in 2008 and hit bottom in
2009." Seiders said a heavy backlog of unsold homes is a major factor
in the currently stalled housing market. Sellers aren't selling and
buyers aren't buying.
"The essential story here," Seiders said, "is a major run-up in
unsold inventory during the second half of 2005, through 2006 and into
2007.
"There are currently 2.1 million vacant homes for sale on the
market,' he added, "with 700,000 being excess compared to more normal
times." Subprime lenders went belly-up, Seiders said, "and it cascaded
down from there."
Article Source http://www.palmbeachpost.com/business/content/business/epaper/2008/01/02/0102foreclosures.html
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