Monday, October 13, 2008

Florida Foreclosures - Sign of the Future

The headline sucks. The actual article is pretty long. Why bring it up here? It is long because it details the imploding Florida real estate market. We can either look on it as thankfully it is there and not here - or as a sign of times to come.
New rules aim for smoother defaults:
"Ground zero for Palm Beach County's housing crisis is in front of Circuit Judge Jeffrey Colbath.

Here, in Courtroom 4A, Colbath presides over a deluge of foreclosure cases. Some are commercial properties. Most are homes people live in. Of those, Colbath guesses that about 90 percent have mortgages that are less than 6 years old."

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