Fort Lauderdale Foreclosures Triple in April

Florida has been hit harder than most states in the country with foreclosures. Broward county is one of the leading counties in Florida in this area.

The foreclosures in Broward tripled this April from the same time last year. In April of 2007 there were 1385 foreclosure actions filed. This April, the court reported that 4124 foreclosure actions filed.

Miami Dade county to the south and Palm Beach county to the north were reporting similar increases.

With all these foreclosures, the real estate market is being flooded with inventory that is driving down real estate prices by the week. According to one Realtor, "50 to 75 per cent of the houses I show are short sales or foreclosures." "These type of properties are in low end housing developments as well as million dollar neighborhoods as well," he added.

There doesn't seem to be any end in sight with foreclosures in South Florida. We have another 18-36 months with these kind of foreclosure numbers ahead of us.