Fortune magazine says South Florida home prices could drop another 30% in 2010
In a recent article released in their December 2009 issue, Forbes Magazine and Economy.com both say that home prices in South Florida (especially Palm Beach and Broward Counties) could drop by as much as 30% from current values for 2010.
Forbes Magazine recently released their 2010 housing outlook, and quite honestly this could come as a big punch in the gut for many people who believe the markets are improving and are often heard saying that ”prices will come back” and this is big cause for concern to many of the Realtors and Mortgage Professionals that we speak to on a daily basis.
November 5, 2009
Daily Business Review
Authored by : Vanessa Blum
The Florida Supreme Court was asked Wednesday to adopt statewide mandatory mediation for residential foreclosures to help judges manage the flood of filings clogging courthouses.
The high court heard arguments on a task force report recommending mandatory mediation as part of a streamlined and uniform approach to the foreclosure crisis.
While questioning some specifics of the plan, justices seemed eager to help circuit courts deal with an onslaught of foreclosure cases — many involving unrepresented homeowners with a limited understanding of the legal process.
The number of Broward Countyforeclosures in March rose from a year ago, while Palm Beach County saw a slight decrease during the same period.
Broward had 4,599 homeowners in some stage of foreclosure last month, up 17 percent from last March, according to RealtyTrac of Irvine, Calif. Broward had Florida’s ninth-highest foreclosure rate among counties statewide. Palm Beach County had 1,509 owners in the foreclosure process last month, down 8 percent from a year ago.
