Miami Homes, South Florida Foreclosures,

South Florida Foreclosures Continue to Rise

As high unemployment, risky loans and plunging property values continued to affect borrowers, South Florida foreclosures increased in April from the previous month, rising in both Miami-Dade and Broward counties by triple digit percentages.

South Florida Foreclosures filings soared by 111% between March and April, according to RealtyTrac, a private foreclosure tracking firm. Between March and April, Broward foreclosures surged 124%. South Florida foreclosures were up around 90% in both counties, compared to April 2008.

Michael Sichenzia, president of Dynamic Consulting Enterprises, a Deerfield Beach-based loan modification company says behind the sharp monthly rise is the increased speed with which lenders are filing foreclosures.

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