Foreclosure forecast rises 9 percent

There are more foreclosures to come for South Florida, Condo Vultures principal Peter Zalewski has predicted. Florida saw a 16 percent statewide increase in home repossession proceedings in the third quarter, and the firm projects that nearly 29,000 South Florida homes could be foreclosed on by the end of the year, a 9 percent increase over 2008, when 26,240 homes were taken back by lenders. Short of government intervention or an immediate economic recovery, the number of REOs in South Florida is likely to continue growing, the firm said. [SFBJ]