Sep
18
PBC Foreclosures — An ARM and a Leg, an article sent in by Pitt T. Maner III
September 18, 2006 |
Eventual buying opportunity? Statistical outlier?
Foreclosure rates in Palm Beach County soared in August to more than four times the national rate — and rose a sobering 226 percent compared with the same month last year, a study released Wednesday shows.
The RealtyTrac foreclosure report provides grim evidence that the pain many local homeowners are suffering is real. As the five-year housing boom winds down, that includes creeping mortgage costs, soaring insurance premiums, rising property taxes, stagnant home prices and a growing inventory of houses for sale. [read more]
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