Florida Foreclosures Stabilize in Second Quarter

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Mt. Pleasant, PA (Vocus) July 10, 2007 -- Florida foreclosures climbed five percent in the second quarter of 2007, according to Default Research Inc. (www.defaultresearch.com). The largest foreclosure increase came in Lee County with a 28 percent increase, while Clay County saw a foreclosure decrease of nine percent. Foreclosures in Broward, Palm Beach and Miami-Dade saw changes of six percent, seven percent and 13 percent respectively.

?Even though the foreclosure rates have stabilized somewhat in the second quarter, you can see for sales signs about as much as palm trees in Florida right now,? said Serdar Bankaci, President/CEO of Default Research. ?Many investors who jumped into the speculation market got burned and are just walking away from their properties.?

Bankaci also points out that up until this quarter, South Florida has been one of the hardest hit areas in the country for foreclosures with sales of new and existing homes plunging. That area though in the Sunshine State has put a dark cloud over the whole country.

?Since what happens in housing has a far-reaching effect, and South Florida is a huge market, the financial markets have been rattled,? said Bankaci, whose foreclosure leads arrive two to three weeks ahead of competition. ?A dramatic tightening of lending standards has shaken consumer confidence. For that reason, every bit of data is scrutinized for hints of whether a recovery is near or more trouble lies ahead.?

Bankaci continued that there is plenty of bad foreclosures news in the country, but he is positive the Default Research foreclosure statistics are accurate.

?While our foreclosure numbers seem lower, I know they are accurate because each foreclosure property is counted only once,? said Bankaci. Default Research is the national leader in real estate research. More information about Default Research can be found at its Web site: www.defaultresearch.com.

Default Research:

Mt. Pleasant, PA

Contact:

Josh Chernikoff

Phone: 1-888-211-8396 x705

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