33,154 In 2007; Could Exceed 150,000 In 2009
We're only 19 days into the New Year, and some analysts are already making their predicitons for record foreclosure filings in 2009. The Miami-Dade, Broward and Palm Beach tri-county area saw total foreclosures jump from 33,154 in 2007 to 75,730 in 2008. The Business Journal article presents two opposing views of how things will unfold in the coming year. Analyst Jack McCabe says, "Based upon what the federal government does or doesn’t do to help troubled homeowners, South Florida foreclosure filings in 2009 can be up anywhere from 50 to 100% over 2008." Fort Lauderdale mortgage broker, Scott Coloney, is a little more upbeat, especially if current homeowners are proactive about loan modifications. “An employee of Motorola in Sunrise came in yesterday and said he could read the writing on the wall,” Coloney said. His company has announced 4,000 employees will be laid off – and he figures he has 60 days before he gets into trouble with his mortgage.”
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